Can tapping oil reserves tame the Iran war price shock?
Gulf Times
Can tapping oil reserves tame the Iran war price shock?
As conflict chokes off oil exports from the Arabian Gulf, governments around the world are activating a critical line of defense against price shocks: emergency crude stockpiles. To ease surging prices, member nations of the International Energy Agency have agreed to release 400mn barrels from such reserves, which would be the group’s largest discharge ever. Among the stockpiles that will be tapped are the US Strategic Petroleum Reserve, or SPR, created in the 1970s as a safety net against energy crises. Earlier, US President Donald Trump had expressed reluctance to release oil from the US reserve, characterizing high energy prices as temporary.
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