The United States will release 172 mln barrels of oil from its strategic petroleum reserve to help ease surging prices triggered by supply disruptions from the U.S.-Israeli conflict with Iran, U.S. Energy Secretary Chris Wright said Wednesday.
The release is part of a wider plan to release 400 mln barrels agreed earlier by the 32-member International Energy Agency, Wright added. Deliveries will begin next week and are expected to take around 120 days.
The U.S. and Israel launched attacks on Iran on February 28, prompting Iranian strikes on Israel and Gulf countries hosting U.S. bases. Iran’s Islamic Revolutionary Guard Corps warned it would block oil shipments from the Gulf unless attacks stop, further unsettling global markets.
President Donald Trump confirmed the United States would slightly reduce its strategic petroleum reserve, with Wright noting that Washington plans to replace more than 200 mln barrels over the next year.
From economics and politics to business, technology and culture, Kursiv Uzbekistan brings you key news and in-depth analysis from Uzbekistan and around the world. To stay up to date and get the latest stories in real time, follow our Telegram channel.
