“As part of this action, President Trump has authorized the Department of Energy to release 172 million barrels from the Strategic Petroleum Reserve,” Wright wrote. He added that this process will begin next week. Delivery of resources is expected to take approximately 120 days.
Earlier on Wednesday, US President Donald Trump confirmed that he plans to release some of his crude oil reserves. – We'll do it and fill it in later. Once upon a time [rezerwę] I have completed it and I will complete it again – he declared. – Now we will limit it a bit and this will lower prices – he added.
On Wednesday, the head of the International Energy Agency, Fatih Birol, announced that the IEA countries had agreed to release 400 million barrels of crude oil to the market to reduce the price of the raw material. This is the largest such release of reserves so far. For comparison, in 2022, just after Russia launched its full-scale invasion of Ukraine, IEA member countries released 182 million barrels of oil to the market – twice as much – in two tranches.
Due to the conflict and Iran's blockade of the Strait of Hormuz, which is crucial for the export of oil from the Persian Gulf, crude oil prices shot up to nearly $120 on Monday. per barrel, although they subsequently dropped to around $90. Iranian Army Headquarters spokesman Ebrahim Zolfakari said on Wednesday that the world should prepare for crude oil priced at $200. per barrel.
