The U.S. Department of Energy has authorized Exxon Mobil Corp. to receive crude from the Strategic Petroleum Reserve to kickstart the production of fuels while most oil production in the Gulf of Mexico remains shut.
The oil company will be getting 1.5 million barrels of DOE-supplied oil for its Baton Rouge refinery, the DOE said. Similar to a loan, the agency will provide crude oil to Exxon to meet an immediate need and the company will restock the same amount of oil plus premium barrels within two to three months, according to a statement.
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September 03, 2021 at 02:09AM
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Exxon to Receive Emergency Oil Supply From Strategic Reserves - Bloomberg
"Oil" - Google News
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