US To Release 172 Million Barrels Of Oil From Strategic Reserve To Stabilise Global Markets

The United States will release 172 million barrels of oil from its Strategic Petroleum Reserve over the next four months as part of a coordinated international effort to stabilise global energy markets amid rising prices linked to conflict in the Middle East.

The US Department of Energy announced the move after 32 member nations of the International Energy Agency agreed to release a combined 400 million barrels of oil and refined products from national reserves to boost supply.

Chris Wright said the coordinated release followed a request by Donald Trump aimed at lowering energy prices. According to the statement, the US will contribute 172 million barrels to the global effort.

The Department of Energy said the release will begin next week and will take about 120 days to complete based on planned discharge rates.

Trump Signals Plan to Lower Oil Prices

Earlier, President Donald Trump had indicated the move during an interview with a local television station while visiting Ohio to promote his economic policies. He said the plan would temporarily reduce the strategic reserve to help bring down oil prices, with replenishment planned later.

The decision comes as global energy markets face pressure due to geopolitical tensions in the Middle East.

Oil prices rose on Wednesday, with Brent Crude approaching $100 per barrel after trading below $90 earlier in the day.

Gasoline prices in the United States have also increased, with the national average reaching $3.58 per gallon after rising for 11 consecutive days.

Concerns over shipping through the Strait of Hormuz, one of the world’s most important oil transit routes, have further added to market uncertainty.

Wright said the administration plans to replenish the reserve after the drawdown and argued that the move reflects a commitment to protecting US energy security.

The Strategic Petroleum Reserve was created in the 1970s after the Arab Oil Embargo to provide emergency supplies during major disruptions in global energy markets. It remains the world’s largest emergency crude oil stockpile.

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