Washington: The United States has offered energy companies up to 40 million barrels of crude oil from its Strategic Petroleum Reserve (SPR) amid continuing pressure on global energy supplies. The move is the final US tranche under a wider International Energy Agency (IEA) agreement to release emergency oil reserves.

The US had pledged 172 million barrels as part of the global plan to release 400 million barrels from emergency stocks. Companies have until October 6 to submit bids for the latest offer.

The crude will be provided through an exchange arrangement, with companies required to return the oil later along with additional barrels. The latest release comes as global oil supplies face disruptions linked to the ongoing conflict in the Middle East and fuel prices remain elevated.

The US SPR has fallen to below 284 million barrels, its lowest level since 1982, following previous releases aimed at supporting oil supplies during periods of disruption.

The move is also relevant for major crude importers such as India, where changes in international oil prices and supply availability can affect fuel costs and the wider economy. India relies heavily on imported crude oil and has been monitoring developments in global energy markets amid disruptions in the Middle East.

Indian authorities have continued to focus on maintaining adequate petroleum supplies and diversifying crude procurement sources to manage potential disruptions. The government has also been monitoring shipping and energy supply conditions in the region.

The US release forms part of the broader international effort to add emergency oil supplies to the market and ease pressure caused by disruptions. The availability of additional crude from strategic reserves could provide temporary support to global supply as countries and energy companies respond to ongoing uncertainty in the oil market.