US to release 172 million barrels from oil reserves as Iran war drives prices higher
India Today
US Energy Secretary Chris Wright highlighted that the release forms part of a coordinated plan by the International Energy Agency (IEA), whose 32 member countries agreed to collectively release 400 million barrels of emergency reserves to counter fuel supply disruptions.
The United States will release 172 million barrels of oil from its Strategic Petroleum Reserve (SPR) in an effort to bring down soaring energy prices triggered by the US-Israeli war with Iran, US Energy Secretary Chris Wright said on Wednesday.
"The US will release 172 million barrels of oil from its strategic petroleum reserve in a bid to reduce oil prices," Wright said, noting the move is part of a broader international response to stabilise global markets.
According to Wright, the release forms part of a coordinated plan by the International Energy Agency (IEA), whose 32 member countries agreed to collectively release 400 million barrels of emergency reserves to counter supply disruptions.
The release will begin next week and will take about 120 days to deliver, Wright said.
The move comes as the conflict between Iran and the joint front of Israel and the US continues to rattle global energy markets.
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