This is the third exchange operation, within the framework of the program announced by President Joe Biden to provide 50 million barrels of strategic reserve, to meet the shortage of supplies and the continuous rise in gasoline prices in the country.
As with all exchanges, companies that receive crude from the Strategic Petroleum Reserve agree to return the amount of crude received, plus an additional amount, depending on the length of time they hold the oil, according to a statement issued by the Department of Energy.
exchanges
On November 23, the Department of Energy announced the provision of 32 million barrels of crude oil through the exchange, and accelerated the schedule for the sale of an additional 18 million barrels under congressional authorization.
Since then, the Department of Energy has supplied – in total – more than 7 million barrels of crude that has been withdrawn from the country strategic reserve, to boost the country’s fuel supply, including two exchanges earlier this month.
ExxonMobil borrowed 4.8 million barrels of crude, and Marathon Petroleum got 250,000 barrels in another exchange.
Exxon Mobil loan
will pull ExxonMobil According to the first exchange, 3.3 million barrels from the SPR site in Bayou Choctaw, Louisiana, by the end of March 2022, according to the Argus Media platform.
It will also get – in the period from January to March – 900,000 barrels from the Brian Mound site in Texas, and the remaining 600,000 barrels will be withdrawn from the West Hackberry site in Louisiana in February and March.
Argus Media reported that ExxonMobil will return the borrowed crude oil to the strategic reserve, in addition to an in-kind payment of 8.6% of the loan volume, in the period from June to September 2024.
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