The U.S. government announced a plan on May 12, 2026, to loan approximately 53.3 million barrels of crude oil from the Strategic Petroleum Reserve (SPR).
Nine companies, including Exxon Mobil, will participate in the initiative. This move coordinates with the International Energy Agency (IEA) to address global supply disruptions caused by geopolitical instability.
The Department of Energy structured the transaction as a loan. Participating companies must return the crude at a later date along with a premium of approximately 15.1 million barrels.
The announcement coincided with separate meetings between OPEC and IEA leaders in Vienna. These discussions focused on high-level concerns regarding energy market security and strained global supplies.