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US to release 53.3M barrels from strategic oil reserve to stabilize markets

Move aims to steady global markets as Strait of Hormuz disruptions tighten supply; major energy firms take part in DOE program

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US to release 53.3M barrels from strategic oil reserve to stabilize markets
Pump jacks lift oil from wells at the Midway-Sunset Oil Field, California's largest.
AFP

The administration of U.S. President Donald Trump is providing 53.3 million barrels of crude oil from the U.S. Strategic Petroleum Reserve to energy companies as part of a global effort to stabilize markets shaken by the conflict involving Iran, according to a Reuters report.

The move comes amid concerns over tightening global fuel supplies and disruptions linked to tensions in the Strait of Hormuz.

Reuters said nine energy companies, including Exxon Mobil, Trafigura and Marathon Petroleum, had previously used only 58% of the 92.5 million barrels offered by the U.S. Department of Energy under a similar loan arrangement last month.

The latest offer is part of a broader DOE strategy to release 172 million barrels from the Strategic Petroleum Reserve to reduce the impact of the war on global energy markets.

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