← Latest news 
US approves 53 million barrels emergency oil release to cool summer gas prices
International
Published on 12 May 2026
A trader and oil giants get the biggest slices
The US is releasing 53.3 million barrels from its Strategic Petroleum Reserve, awarding supply contracts to firms including Trafigura, Marathon Petroleum and Exxon Mobil. Trafigura received the largest portion of nearly 13 million barrels. The oil is scheduled to come out between June and August, ahead of peak US gasoline demand, amid price pressure tied to the Iran war.
- US releases 53.3 million barrels from the Strategic Petroleum Reserve
- Trafigura gets the largest allocation of nearly 13 million barrels
- Oil releases are set for June to August during peak gasoline demand
- Move aims to ease fuel and oil prices amid Iran war tensions
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times