U.S. to release 172 million barrels from strategic oil reserves

Secretary Wright said that this release is part of a broader plan in which a total of 400 million barrels of oil will be released, agreed earlier that day by the International Energy Agency (IEA), which brings together 32 member countries, Reuters reported.According to Wright, the release from reserves will begin next week and is expected to last around 120 days, with the goal of stabilizing the global oil market.U.S. Secretary of the Interior, Doug Burgum, stated today that American oil companies will soon announce increased production in response to rising oil and energy prices amid the conflict with Iran.&ldquo;I think you&rsquo;ll see that everyone is announcing increased production here in the United States in response to price movements and the current demand we have,&rdquo; Burgum said in an interview with CNBC, Reuters reported.Yesterday, the International Energy Agency (IEA) decided to release a record 400 million barrels of oil from reserves to mitigate the impact of global energy supply disruptions caused by the war in the Middle East.According to IEA estimates, the coordinated release of oil from strategic reserves could help stabilize the global market and ease pressure on energy prices until more stable transport and trade flows, disrupted by the conflict in the Middle East, are restored.

U.S. to release 172 million barrels from strategic oil reserves

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