Americas News
US to Release 172 Million bbls of Oil from Reserve in Coordinated IEA Action
The US will release 172 million bbls of crude oil from its strategic petroleum reserve as part of a coordinated action by members of the International Energy Agency (IEA) aimed at lowering crude prices.
The release was approved unanimously by the IEA’s 32 member countries following a request from US President Donald Trump, Chris Wright, US Energy Secretary, said in a statement on Wednesday.
In total, IEA member nations agreed to release 400 million bbls of oil and refined products from their strategic reserves.
Wright said the drawdown from the SPR will begin next week and will take about 120 days to complete based on planned discharge rates.
He added that the US has arranged to replenish roughly 200 million bbls of oil within the next year.
“Unlike the previous administration, which left America’s oil reserves drained and damaged, the United States has arranged to more than replace these strategic reserves with approximately 200 million barrels within the next year—20% more barrels than will be drawn down—and at no cost to the taxpayer,” Wright said.
The US has around 415.4 million bbls of crude oil in strategic petroleum reserves as of the week ending March 6, according to data from the US Energy Information Administration.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
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| Fujairah | 1018.00 | 100.00 | 1433.50 | 83.00 |
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| Global Average Bunker Price | 920.50 | 59.00 | 1315.00 | 60.00 |
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