US to release 53 million barrels from strategic oil reserve

“US to release 53 million barrels from strategic oil reserve The administration of US President Donald Trump is providing 53.3 million barrels of crude oil from the US Strategic Petroleum Reserve to energy companies as part of a global effort to stabilise markets shaken by the conflict involving Iran, according to a Reuters report. The move comes amid concerns over tightening global fuel supplies and disruptions linked to tensions in the Strait of Hormuz. Reuters said nine energy companies, including Exxon Mobil, Trafigura and Marathon Petroleum, had previously used only 58 percent of the 92.5 million barrels offered by the United States Department of Energy under a similar loan arrangement last month. The latest offer forms part of a broader DOE strategy to release 172 million barrels from the strategic reserve to reduce the impact of the war on global energy markets.

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