US moves to release more oil stockpiles under IEA agreement

The United States Department of Energy has begun transferring oil from the strategic petroleum reserve to nine companies under its emergency exchange programme. The companies, including Trafigura Trading LLC, Marathon Petroleum Corporation, and ExxonMobil, will receive a total of 53.3 million barrels. Participating firms are required to replenish the stockpile with new barrels at a later date. The transfer aims to address near-term supply needs and ensure the Strategic Petroleum Reserve remains strong.