The United States has signed off to release 172 million oil barrels following the International Energy Agency (IEA) unanimously agreeing to release 400 million oil barrels.
The U.S. oil will take an estimated 120 days to deliver, Energy Secretary Chris Wright said. “President Trump promised to protect America’s energy security by managing the Strategic Petroleum Reserve responsibly and this action demonstrates his commitment to that promise,” he explained. “Unlike the previous administration, which left America’s oil reserves drained and damaged, the United States has arranged to more than replace these strategic reserves with approximately 200 million barrels within the next year—20% more barrels than will be drawn down—and at no cost to the taxpayer.”
“For 47 years, Iran and its terrorist proxies have been intent on killing Americans. They have manipulated and threatened the energy security of America and its allies. Under President Trump, those days are coming to an end,” Wright added.
On Wednesday, the IEA agreed to the largest withdrawal on record in order to “address disruptions in oil markets stemming from the war in the Middle East.” The decision came as IEA members have more than 1.2 billion barrels in emergency stockpiles, with another 600 million barrels of industry stocks under government requirements. The stockpiles will be made available in a timeframe appropriate to the circumstances faced by each member country.
The IEA further explained that the stock release is the sixth in its history, with other actions having taken place in 1991, 2005, 2011, and twice in 2022.
