US authorises emergency release of up to 400,000 oil barrels
WASHINGTON: The US Department of Energy said on Friday it had authorised an emergency exchange of up to 400,000 barrels of crude oil from the Strategic Petroleum Reserve to address a supply disruption affecting Phillips 66’s Lake Charles refinery in Louisiana. The SPR is already at the lowest level since 1982 after President Donald Trump tapped it as the US war on Iran disrupted supply lines, and…
The US Department of Energy has authorized an emergency release of up to 400,000 barrels of crude oil from the Strategic Petroleum Reserve (SPR) to address a supply disruption at Phillips 66's Lake Charles refinery in Louisiana. The SPR is at its lowest level since 1982 due to the US war on Iran disrupting supply lines and the invasion of Ukraine by Russia under President Biden.
The Lake Charles refinery, with a capacity to refine 264,000 barrels per day, will receive the crude oil to help offset temporary disruptions and support continued production of transportation fuels for Louisiana and surrounding markets. Phillips 66 confirmed the incoming crude oil but declined to comment on refinery operations or commercial activity, stating they do not anticipate impacts to Lake Charles operations.
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