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US releases 53 million barrels of oil from Strategic Petroleum Reserve

2026-05-12 08:39:00, Kosova & Bota CNA

US releases 53 million barrels of oil from Strategic Petroleum Reserve

The US Department of Energy announced on Monday the release of 53.3 million barrels of oil from the Strategic Petroleum Reserve (SPR) to be loaned to energy firms, part of a global effort to stabilize oil prices following the US-Israeli war with Iran.

The latest release is part of a larger U.S. commitment to add 172 million barrels to the global market. The pledge, announced in March as part of an International Energy Agency (IEA) initiative involving more than 30 countries, was intended to add roughly 400 million barrels of oil to the global market.

Iran’s closure of the Strait of Hormuz, a vital waterway that carried 20% of the world’s oil and natural gas supplies before the conflict, has driven up oil prices and caused inflationary pressures throughout the global economy. Crude oil prices have risen by about 45%, or about $30 a barrel, since the start of the war. To date, roughly 35 million barrels have been delivered to the market from the SPR, according to the U.S. Department of Energy.

The U.S. SPR is the world's largest emergency supply of crude oil. The reserve has been maintained by the federal government since 1975 to help protect the U.S. economy from major oil supply disruptions.

While some producers, including Saudi Arabia and the United Arab Emirates, have found alternative routes for their exports, about 10-12 million barrels of crude oil remain blocked from global markets per day, according to analysts. World oil consumption was about 103 million barrels per day last year, based on preliminary estimates from the U.S. Energy Information Administration. /CNA





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