US to Release 172 Million Barrels from Strategic Reserve
The US will release 172 million barrels of oil to lower prices impacted by the war with Iran. The 120-day delivery begins next week as part of an IEA agreement.
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The United States is set to release 172 million barrels of oil from its strategic petroleum reserve in an effort to curb rising energy costs. This decision, announced by U.S. Energy Secretary Chris Wright on Wednesday, comes as global markets react to supply disruptions caused by the conflict between Israel and Iran. The release is part of a coordinated 400 million-barrel action by the 32-nation International Energy Agency.
