The U.S. will release 40 million barrels of oil from its strategic reserve

The U.S. Department of Energy announced its intention to release 40 million barrels of oil from the Strategic Petroleum Reserve (SPR).

"The Strategic Petroleum Reserve Project Management Office (SPRPMO), under the U.S. Department of Energy... announces the receipt of applications for the exchange (loan) of up to 40,000,000 barrels of crude oil," states the agency's solicitation document.

Previously, the U.S. strategic petroleum reserve had reached its lowest level since October 1982, falling to 283.8 million barrels at the close of the week ending September 25.