US and Saudi Arabia talked about a secret oil reserve swap.

Reuters reports that “In the weeks leading up to the failed June OPEC meeting, US and Saudi officials met to discuss surprising the market with an unprecedented arrangement: exchanging urgently-needed high-quality crude oil stored in the US emergency reserve for heavier, low-quality oil from Saudi Arabia, according to people familiar with the plan.” The US crude would have been used for importers caught short by Libya’s withdrawal from the market.