Middle East Conflict Prompts US to Release 172 Million Barrels of Oil from Strategic Reserves

Tokyo – The United States announced on Wednesday 11 March that it will release 172 million barrels of crude oil from its strategic reserves, beginning the following week, in an effort to lower energy prices which have surged as a result of Middle East conflict involving the US, Israel, and Iran.

This amount forms part of a coordinated release of 400 million barrels of oil undertaken by 32 member countries of the International Energy Agency (IEA) the previous day, according to US Energy Secretary Chris Wright.

The drawdown of the US Strategic Petroleum Reserve is estimated to take approximately 120 days.

“They (Iran) have manipulated and threatened the energy security of America and its allies,” Wright said in a statement.

“Under President Trump’s leadership, such times will soon end,” he continued in the statement.

This collective action under the IEA is the first since 2022, when Russia launched its major invasion of Ukraine.

The release of 400 million barrels of oil from the emergency reserves of 32 countries – including numerous European nations, as well as Japan and South Korea – will set the largest precedent ever established.

Source: Kyodo