The United States offers to loan up to 40 million barrels from the SPR.

The United States had pledged 172 million barrels within a roughly 400-million-barrel agreement involving about 30 International Energy Agency countries. A June attempt to place this final tranche drew commitments for only about 500,000 barrels, and companies now have until October 6 to submit proposals.

Reuters reported that the SPR holds less than 284 million barrels, its lowest level since 1982. Borrowers will repay in crude with premiums of up to 24%, although the oil is not due to be fully returned until late 2028.