US to begin releasing oil from strategic reserve next week

The United States Department of Energy said the first deliveries of oil from the country’s strategic petroleum reserve are expected to enter the market next week.

According to Al Jazeera, the administration of Donald Trump has ordered the release of 172 million barrels of oil.

The move is part of a coordinated release of 400 million barrels proposed by the International Energy Agency to offset supply shortages amid the war launched by the United States and Israel against Iran.

According to the report, the oil will be sold on the market over the next four months.

The US last tapped its strategic petroleum reserves in 2022 under former President Joe Biden following the Russian invasion of Ukraine.

By Tamilla Hasanova