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US Considers Coordinated Oil Release Amidst War
10 Mar
Summary
- U.S. is contemplating coordinated oil sales from reserves.
- Energy Secretary confirmed "other options" for Russian oil.
- Global oil prices hit highest levels since August 2022.
As global oil prices escalate due to ongoing conflict, the U.S. is contemplating coordinated releases from its Strategic Petroleum Reserve. Energy Secretary Chris Wright announced that such discussions are underway. The U.S. reserve holds 415 million barrels of oil, enough to supply the world for over four days.
This consideration comes as global and domestic oil futures settled at their highest point since August 2022. The war has led to stranded tankers and disrupted oil production in the Middle East. The International Energy Agency has called for a coordinated oil release, with G7 nations agreeing to monitor energy markets closely.
Secretary Wright also mentioned that the U.S. has "other options" regarding Russian oil currently in tankers at sea. A recent 30-day waiver allowed Russian crude stranded at sea to continue to India. The U.S. is not planning export restrictions on its own energy to control prices.
