United States to Release 172 Million Barrels of Oil from Strategic Reserve

New York City — The United States announced on Wednesday 11 March that it will release 172 million barrels of oil from the Strategic Petroleum Reserve.

“Earlier today, 32 member nations of the International Energy Agency unanimously approved President Trump’s request to lower energy prices through a coordinated release of 400 million barrels of oil and refined petroleum products from their respective reserves,” said US Energy Secretary Chris Wright in a statement.

“As part of this effort, President Trump has authorised the Department of Energy to release 172 million barrels from the Strategic Petroleum Reserve, beginning next week,” Wright said.

According to him, the delivery will take approximately 120 days based on the planned release rate.

Wright stated that the United States has arranged to replenish the strategic reserve with approximately 200 million barrels within the next one year.