The first batch of 86 million barrels of strategic crude oil in the United States will be released to the market next week, using a borrow-and-repay-with-premium model

Odaily News The U.S. Department of Energy has issued a solicitation for the allocation of crude oil from the Strategic Petroleum Reserve. The first batch of 86 million barrels of crude oil is expected to begin entering the market by the end of next week. According to the document, participating companies are required to return the borrowed crude oil to the U.S. Department of Energy and additionally repay a certain quantity of crude oil as a premium. The document states that this approach can both replenish the U.S. Strategic Petroleum Reserve and stabilize the market. The U.S. government also indicated plans to replenish approximately 200 million barrels of strategic petroleum reserves over the next year to safeguard U.S. energy security. Data from the U.S. Energy Information Administration shows that as of the 6th of this month, the U.S. Strategic Petroleum Reserve stood at 415.4 million barrels.