US to release 172 million barrels of oil from strategic reserves amid rising prices
Business
The United States announced the release of 172 million barrels from strategic reserves to stabilise oil prices as tensions with Iran push global energy markets higher.
WASHINGTON (Dunya News) – The United States has announced the release of 172 million barrels of oil from its strategic reserves in response to rising global oil prices amid escalating tensions with Iran.
According to the United States Department of Energy, the supply of oil will begin next week and the release process will continue for approximately 120 days.
Officials said the decision was approved by Donald Trump in an effort to stabilise energy prices and maintain market supply.
The department said the move is aimed at ensuring the country’s energy security while easing pressure on global oil markets.
Meanwhile, the International Energy Agency said that 32 member countries have collectively agreed to release around 400 million barrels of oil to support global energy supply.
US officials added that about 200 million barrels of oil will be refilled into the strategic reserves over the next year.
