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PARIS (AP) — U.S. Secretary of Energy Chris Wright says America will release 172 million barrels of oil from its Strategic Petroleum Reserve as part of the International Energy Agency’s efforts to combat steep oil prices amid the Iran war.
Wright said the release would begin next week and take about 120 days “to deliver based on planned discharge rates.” He also said the U.S. would replace about 200 million barrels within the next year.
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The U.S. had more than 415 million barrels in the SPR as of the end of last month. President Donald Trump previously downplayed the importance of using reserve oil, but confirmed earlier Wednesday that his administration would “reduce it a little bit” and then fill it back up.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
PARIS (AP) — A group representing many of the world’s wealthiest countries agreed Wednesday to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects of the Iran war on energy markets and the halt of cargo s
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