Exxon Taps US Emergency Oil Cache After Issues With Quality (2)

Exxon Mobil Corp. is tapping oil inventories stashed in US emergency reserves after the startup of a new Chevron Corp. well in the Gulf of Mexico contributed to quality issues in crude supplies coming from the region.

The oil major will borrow as much as 1 million barrels of crude oil from the Strategic Petroleum Reserve after it was forced to cut runs at its Louisiana refinery, according to a statement Friday from the US Energy Department.

The issue stems from a grade of oil known as Mars crude, produced in the Gulf of Mexico, according to people familiar ...