U.S. Completes 172 Million-Barrel Strategic Oil Reserve Drawdown
The United States government awarded final contracts for 41 million barrels of oil, completing a massive emergency drawdown to lower global energy prices.
The United States Department of Energy awarded contracts for nearly 41 million barrels of oil from the Strategic Petroleum Reserve, marking the completion of a 172 million-barrel emergency drawdown. This massive release of oil was initiated by the Trump administration to curb soaring energy prices following a war with Iran.
The drawdown served as the U.S. contribution to a broader International Energy Agency plan to introduce 400 million barrels into global markets to stabilize supply. Trafigura Trading LLC and ExxonMobil Holdings Corp. were among the companies that secured contracts for this final portion of the reserve sale.
