The United States has proposed a loan of 40 million barrels of oil from its Strategic Petroleum Reserve to energy companies. This initiative is designed to counteract rising oil prices, which have been significantly impacted by the conflicts in Ukraine and Iran. As Indian refiners brace for a decline in Russian oil supplies, competition with China is pushing them toward pricier oil options. The United States has proposed a loan of 40 million barrels of oil from its Strategic Petroleum Reserve to energy companies. This initiative is designed to counteract rising oil prices, which have been significantly impacted by the conflicts in Ukraine and Iran. As Indian refiners brace for a decline in Russian oil supplies, competition with China is pushing them toward pricier oil options.
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US to lend 40m barrel oil from strategic reserve as Ukraine war strains supply
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