The US Department of Energy has authorized the release of up to four million barrels of crude oil from the Strategic Petroleum Reserve to ExxonMobil and BP after Hurricane Isaias shut down Gulf Coast production. Each company can receive two million barrels under an emergency exchange and must return the crude with a premium in 2027. Isaias made landfall in Florida as a Category 2 storm, halting over two-thirds of Gulf oil output.
US Releases 4 Million Barrels From Strategic Oil Reserve After Hurricane Isaias
Source: WION