April 1, 2026 [ Reuters ]- The U.S. Energy Department said on Wednesday that ​it would loan up to 10 ‌million barrels of crude oil from the strategic petroleum reserve site in Bryan Mound, and will ​accept proposals from companies until 11 ​am central time (1600 GMT) on April 6.

The ⁠United States is releasing oil from its ​strategic reserve as part of an agreement ​with 32 countries in the International Energy Agency to release 400 million barrels of oil from reserves ​to ease supply pressures due to the ​Iran war.

The U.S. Energy Department has already lent ‌45.2 ⁠million barrels of crude oil from the reserve in the first release under the agreement in March. Ultimately, the U.S. aims ​to lend ​172 million ⁠barrels for delivery throughout this year and into next.

The oil ​is being be released in the ​form ⁠of loans that companies will return with extra barrels as a premium, a system ⁠that ​the Energy Department says will ​stabilize markets “at no cost to American taxpayers.” .