Key facts
- US authorized emergency exchange of up to 400,000 barrels of crude from SPR.
- Phillips 66's Lake Charles refinery is receiving the oil due to a delivery disruption.
- SPR is at its lowest level since 1982, holding 282.7 million barrels.
- Brent crude traded at $117.04 per barrel, WTI at $103.52 on Friday.
The United States is drawing from its Strategic Petroleum Reserve to ensure a steady crude supply to a Louisiana refinery facing delivery disruptions. The Department of Energy authorized an emergency exchange of up to 400,000 barrels for Phillips 66's Lake Charles refinery, which can process about 264,000 barrels per day. This action comes as oil prices continue to climb, with Brent crude trading above $117 per barrel and WTI above $103. The SPR is currently at its lowest level since 1982, holding 282.7 million barrels. Earlier in October, the DOE authorized similar emergency exchanges for ExxonMobil and BP following weather-related supply issues.