The USA released 53.3 million barrels of oil to stabilize the global market
Washington decided to release 53.3 million barrels of oil from the strategic reserve. This step is aimed at stabilizing global oil prices amid the crisis caused by Iran’s closure of the Strait of Hormuz.
The US Department of Energy announced the provision of oil from the reserve to energy companies as part of the country’s commitment to add 172 million barrels to the global market. This is part of the overall initiative of the International Energy Agency (IEA), according to which more than 30 countries agreed to release about 400 million barrels of oil to reduce price pressure. About 35 million barrels have already been delivered from the American emergency stockpiles.
The closure of the Strait of Hormuz, through which approximately 20% of the world’s oil and gas supplies passed, caused a significant increase in oil prices, rising by 45%. This factor also increased inflationary pressure on global economies. Although some countries, such as Saudi Arabia and the UAE, were able to find alternative routes for export, analysis shows that 10-12 million barrels of oil remain unavailable daily.
Last year’s global oil consumption was about 103 million barrels per day. The US Strategic Petroleum Reserve, established in 1975, is the largest in the world and protects the country’s economy from supply disruptions.
| Volume of released oil | 53.3 million barrels |
| US commitment | 172 million barrels |
| Total IEA initiative volume | 400 million barrels |
| Unavailable barrels of oil | 10-12 million barrels per day |
