ExxonMobil, BP Secure Up to 4 Million Barrels From US Reserve

The US government has authorized an emergency release of up to four million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to help ExxonMobil and BP keep their refineries operating after Hurricane Isaias disrupted supplies along the US Gulf Coast.

Under the emergency exchange agreement, each company may receive up to two million barrels. ExxonMobil and BP must return the crude to the SPR in 2027, along with an additional volume as a premium.