U.S. Completes Final Awards for Trump's Large-Scale Strategic Petroleum Reserve Release

According to Jin10, the Trump administration has awarded contracts for nearly 41 million barrels of crude oil released from the national emergency petroleum reserve, completing a large-scale oil-swap program intended to curb surging energy prices after the Iran war began. The U.S. Department of Energy said Vitol and Exxon Mobil were among the companies awarded contracts. The awards mark the final tranche of the U.S. Strategic Petroleum Reserve's 172-million-barrel emergency release, the second-largest in U.S. history and part of a broader International Energy Agency plan to put 400 million barrels of oil on the global market. Since the war began, the United States has released 174.1 million barrels, exceeding its previous joint commitment with the International Energy Agency of 172 million barrels.