US Draws On Strategic Oil Reserves To Offset Global Supply Disruptions

The United States has tapped into its Strategic Petroleum Reserve (SPR), releasing 17.5 million barrels of oil to help ease global supply shortages triggered by ongoing tensions in the Middle East, AzerNEWS reports.

According to Azerbaijan State News Agency, citing data from the U.S. Energy Information Administration, the volume of oil drawn from US reserves between March 20 and April 24 reached 17.5 million barrels.

In the week ending April 24 alone, the US released 7.1 million barrels from its reserves-the largest weekly draw since the week ending October 7, 2022. Following these withdrawals, the country's remaining strategic reserves stand at 397.9 million barrels.

The move is part of a broader plan under which the United States is expected to release a total of 172 million barrels from its reserves amid the Middle East conflict. This effort forms part of a coordinated international response led by the International Energy Agency, aimed at injecting up to 400 million barrels of crude oil and refined products into global markets to stabilize supply.

The Strategic Petroleum Reserve was established in the 1970s in response to supply shocks, with the goal of mitigating the impact of disruptions. The reserves are stored across four major facilities along the US Gulf Coast, with a total storage capacity of 714 million barrels.

As global energy markets remain sensitive to geopolitical developments, the release underscores Washington's reliance on emergency stockpiles to cushion supply shocks and maintain market stability.

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