US Secretary of Energy Chris Wright announced that the International Energy Agency (IEA) approved a coordinated release of 400 million barrels of oil and refined products to help lower global energy prices.
As part of this effort, the USÂ will release 172 million barrels from the Strategic Petroleum Reserve (SPR) over approximately 120 days.
The administration emphasized that America’s energy security remains strong, with plans to replenish the SPR with 200 million barrels within the next year, ensuring reserves are 20% higher than the drawdown and at no cost to taxpayers.
The action is framed as part of broader efforts to counter threats from Iran and protect US and allied energy security.
