The United States has opened another exchange for as much as 17 million barrels of crude oil from the Strategic Petroleum Reserve as Washington continues efforts to support global supplies during the Middle East energy shock.
The Department of Energy issued a request for proposals Friday covering the crude.
The latest exchange forms part of a broader international reserve program established earlier this year as the Iran war disrupted energy markets and pushed fuel prices higher.
The United States committed to lending 172 million barrels from the SPR as part of a coordinated arrangement with roughly 30 International Energy Agency countries involving 400 million barrels of emergency reserves.
The latest 17 million-barrel solicitation represents another portion of that program.
Execution of previous rounds has shown that barrels offered by the government do not necessarily equal barrels ultimately borrowed by companies.
That distinction matters when assessing how much additional crude will actually reach the commercial market.
The latest action comes as crude prices remain elevated and geopolitical risks continue to affect shipping, refining and fuel costs.
For markets, the significance lies less in the headline size than in how much oil companies actually accept and how quickly those barrels reach the commercial system.
A successful exchange could provide incremental supply relief. Limited industry participation, however, would reduce its near-term effect on crude and fuel prices.
