U.S. to release 172 million barrels from strategic oil reserves
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The United States has announced it will release 172 million barrels of oil from its Strategic Petroleum Reserve (SPR) in an effort to curb rising oil prices amid the conflict involving the U.S., Israel and Iran, U.S. Energy Secretary Chris Wright said.
Secretary Wright said that this release is part of a broader plan in which a total of 400 million barrels of oil will be released, agreed earlier that day by the International Energy Agency (IEA), which brings together 32 member countries, Reuters reported. According to Wright, the release from reserves will begin next week and is expected to last around 120 days, with the goal of stabilizing the global oil market. U.S. Secretary of the Interior, Doug Burgum,
