The United States will release 172 million barrels of oil from the strategic reserve

President of the United States Donald Trump has authorized the U.S. Department of Energy to begin releasing 172 million barrels of oil from the national strategic reserve. This was announced on March 11 in the press service of the Ministry of Energy of the country.

"It will take approximately 120 days based on the planned release rates," the statement said.

It is clarified that 32 member states of the International Energy Agency (IEA) unanimously supported Trump's initiative to lower energy prices. To do this, the countries agreed to conduct a coordinated release of 400 million barrels of oil and petroleum products from their strategic reserves.

According to the ministry, it is planned to purchase about 200 million barrels of oil over the next year, without financial costs for taxpayers.

Costly refueling: fuel crisis may push the United States to end the war

The blockade of the Strait of Hormuz is already affecting the price of gasoline and increasing demand for Russian oil.

The head of the IEA, Fatih Birol, announced on March 3 that the agency would hold an extraordinary meeting of the organization's member countries due to the situation in the Middle East. According to him, the situation on the gas and oil markets will be discussed at the meeting. In addition, participants will discuss possible measures to respond to supply disruptions.

The Wall Street Journal (WSJ) reported on March 11 on the IEA's proposal to release a historic amount of oil from reserves. According to the publication, the proposed release volume will amount to more than 182 million barrels.

All important news is on the Izvestia channel in the MAX messenger.