UPDATE 1-U.S. loans Exxon Mobil 1.5 mln bbls of crude from Strategic Petroleum Reserve

  • 9/2/2021
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(Adds details on exchange) WASHINGTON, Sept 2 (Reuters) - U.S. Energy Secretary Jennifer Granholm on Thursday authorized an exchange of 1.5 million barrels of oil from the Strategic Petroleum Reserve (SPR) to Exxon Mobil to relieve fuel disruptions in Hurricane Ida’s wake. The loan of oil to Exxon Mobil’s Baton Rouge refinery in Louisiana is aimed to “alleviate any logistical issues of moving crude oil within areas affected by Hurricane Ida to ensure the region has access to fuel as quickly as possible,” the Energy Department said. Several refineries including Baton Rouge remained cut off from crude and products supplies from the south via ship and barge after portions of the Mississippi River were closed by several sunken vessels. The oil must be paid back to the SPR at a later date with interest. The Energy Department said it encourages refiners to prioritize refined products for the affected region. (Reporting by Timothy Gardner; Editing by David Gregorio) Our Standards: The Thomson Reuters Trust Principles.

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