Trump backs international plan to release oil reserves

Donald Trump, President of the United States, has expressed support for an international initiative to release oil reserves in an effort to stabilise energy prices amid the ongoing war between the US and Iran.

According to CNN, Trump said on Wednesday, March 11, that an agreement among members of the International Energy Agency to supply an additional 400 million barrels of oil to the market would help ease price pressures.

Speaking during an event in Kentucky, Trump said the additional supply would “significantly reduce oil prices, and we will end this threat to America and the entire world.”

Earlier in an interview with local news outlets, the US president said Washington would also use its Strategic Petroleum Reserve to address supply disruptions caused by the halt of shipping through the Strait of Hormuz.

The White House did not immediately respond to questions about whether the potential release of US reserves would take place within the framework of the International Energy Agency agreement or as a separate initiative.

By Tamilla Hasanova