US Announces 172M Barrels Of Oil Release From Strategic Petroleum Reserve Amid Iran War Crisis
Synopsis
The U.S. Department of Energy said in a statement on Wednesday that the release is expected to take about 120 days based on planned discharge rates.
The United States will release 172 million barrels of oil from the Strategic Petroleum Reserve, starting next week, the U.S. Department of Energy said on Wednesday.
In a statement, the agency said that U.S. Secretary of Energy Chris Wright has stated that after 32 member nations of the International Energy Agency (IEA) agreed to President Trump’s request to lower energy prices with a coordinated release of 400 million barrels of oil and products from their respective reserves, the president had granted the release of the oil.
This is expected to take about 120 days to deliver based on planned discharge rates, as per the agency.
The move comes amid rising oil prices that have hit almost $120 per barrel in recent times after supply constraints due to the blockade of the Strait of Hormuz in the ongoing war with Iran. WTI crude was trading around $90.98 at the time of writing.
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