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9/2, 9:23 PM (Source: TeleTrader)
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US releases 1.5M barrels of crude to ExxonMobil

United States Secretary of Energy Jennifer Granholm approved on Thursday a Strategic Petroleum Reserve (SPR) exchange with ExxonMobil Baton Rouge, releasing 1.5 million barrels of crude oil to the company.

The move was made in order "to alleviate any logistical issues of moving crude oil within areas affected by Hurricane Ida." The US Energy Department said it "encourages refiners to prioritize refined products for the affected region, and remains committed to supporting those efforts through options such as the SPR."

Earlier in the day, the US Department of the Interior's Bureau of Safety and Environmental Enforcement (BSEE) reported that the hurricane caused a suspension of 93.55% of the US oil production in the Gulf of Mexico, representing losses of 1.7 million barrels per day (bpd).

Breaking the News / MS