The U.S. Department of Energy announced Friday that it has decided to lend 26.03 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to nine petroleum companies amid the ongoing Middle East turmoil, according to the Department's Office of Petroleum Reserves.
This marks the third tranche of SPR releases by the Trump administration since the onset of U.S.-Israeli military operations against Iran on February 28.
According to details posted by the Department's Office of Petroleum Reserves, the latest tranche is from the SPR's West Hackberry site in Louisiana. Deliveries are scheduled to take place in May and June 2026.
The Department has already completed two previous exchanges totaling 45.2 million barrels in the first batch and 8.48 million barrels in the second.
The action is part of the United States' commitment to contribute 172 million barrels from the SPR over 120 days, with supplies extending into 2027.
The U.S. contribution followed the announcement by International Energy Agency (IEA) on March 11, 2026 that its 32 member countries had agreed to collectively release 400 million barrels of strategic reserves.
According to the rules, the lending of strategic petroleum reserves function like loans. The companies receiving the oil are required to return an additional amount of oil when repaying.
U.S. loans over 26 million barrels of crude oil from Strategic Petroleum Reserve
Thongloun Sisoulith, general secretary of the Lao People's Revolutionary Party Central Committee and president of Laos, said Laos will continue to advance China-Laos cooperation in the technology field on Wednesday in Hangzhou, capital of east China's Zhejiang Province.
Thongloun arrived in Hangzhou on Tuesday for a five-day state visit to China at the invitation of President Xi Jinping.
Zhejiang was chosen as the first stop of the Lao president's trip for its reputation as a high-tech and innovation hub and for having achieved high-quality growth across multiple sectors.
Upon arrival, Thongloun visited several local technology companies, where he explored advanced artificial intelligence-powered robotic systems designed for industrial, commercial and challenging environments.
In an exclusive interview with China Media Group (CMG), Thongloun hailed China's progress in modern technology, AI and digital economy, pledging to strengthen cooperation with China in the technology field.
"I asked staff of the technology companies I visited many questions, and they provided a great deal of information that helped us better understand the development of modern technology in China. It's clear that China regards modern technology, artificial intelligence and digital economy as key areas of national development. This offers valuable experience for Laos. We will continue to advance cooperation between our two countries in the field of technology," said Thongloun.
The president also expressed hope that new technology cooperation initiatives will be launched in Laos.
"I believe our cooperation in these areas in the future is very promising. In the next few days, I will raise this matter with President Xi Jinping. I will also put forward more detailed proposals on cooperation between our two governments in the development of new technologies, so that these initiatives can take root in Laos," said Thongloun.
Lao president pledges further technology cooperation with China
