On Tuesday, the U.S. Department of Energy (DOE) approved seven additional exchanges of 13.4 million barrels of crude oil for release from the Strategic Petroleum Reserve (SPR).
These releases fall under the authorization published in the DOE announcement on Nov. 23, 2021. Exchange contracts were awarded to the following companies:
- Shell Trading US Co. (4.2 million bbls.)
- Trafigura Trading LLC (3 million bbls.)
- Phillips 66 Co. (2.3 million bbls.)
- Macquarie Commodities Trading (2 million bbls.)
- Chevron USA Inc. (0.885 million bbls.)
- ExxonMobil Oil Corp. (0.515 million bbls.)
- BP Products North America (0.5 million bbls.)
Combined, DOE has provided nearly 40 million bbls. of SPR crude oil to boost the nation’s fuel supply, including five previous exchanges. This is the second-largest crude oil exchange in U.S. history, with the first being the 2000 Heating Oil Exchange. As with all exchanges, companies that receive SPR crude oil through the exchange agree to return the amount of crude oil received, as well as an additional amount, dependent upon the length of time in which they hold the oil.
Additional information about SPR exchanges can be found here.
