US says oil from strategic reserve to start reaching market next week

The Trump administration said Friday it expects early deliveries of oil from the United States’ strategic oil reserve to reach the market by the end of next week as part of efforts to combat the rise in energy prices since the start of the Iran war.

The US Department of Energy said in a statement that oil will be released in the form of loans that companies will give back with extra barrels as a premium. It was stated that this system aims to stabilize markets “at no cost to American taxpayers.”

The Department of Energy said it asked companies to bid for 86 million barrels of crude oil; This will be the first of the 172 million barrels of oil Washington announced this week.
The U.S. effort is part of a broader 400 million barrel oil release that the 32-nation International Energy Agency agreed to Wednesday.