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US Plans to Release Millions of Oil Barrels from Strategic Reserve
(MENAFN) The US Department of Energy announced it will release 172 million barrels of oil from the Strategic Petroleum Reserve starting next week amid the ongoing war with Iran.
Energy Secretary Chris Wright said the move follows a coordinated decision by the 32 member nations of the International Energy Agency (IEA), who agreed to a collective release of 400 million barrels of oil and refined products to help stabilize global energy prices.
The decision comes as the conflict has disrupted shipping through the Strait of Hormuz, a critical waterway that normally handles about 20 million barrels of oil per day—around 20% of global petroleum trade—raising concerns about supply shortages and price spikes.
Wright emphasized that President Donald Trump is acting to protect US energy security, managing the reserves responsibly. He added that the reserves are scheduled to be replenished with approximately 200 million barrels over the next year, about 20% more than will be released, without cost to taxpayers
Energy Secretary Chris Wright said the move follows a coordinated decision by the 32 member nations of the International Energy Agency (IEA), who agreed to a collective release of 400 million barrels of oil and refined products to help stabilize global energy prices.
The decision comes as the conflict has disrupted shipping through the Strait of Hormuz, a critical waterway that normally handles about 20 million barrels of oil per day—around 20% of global petroleum trade—raising concerns about supply shortages and price spikes.
Wright emphasized that President Donald Trump is acting to protect US energy security, managing the reserves responsibly. He added that the reserves are scheduled to be replenished with approximately 200 million barrels over the next year, about 20% more than will be released, without cost to taxpayers
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