🔶The United States to curb oil prices by releasing 17 million barrels from its strategic reserves

Oil prices are still in global markets under the influence of the war with Iran and concerns about disruptions to oil supply in the Middle East, as the United States has announced a new plan to exchange up to 17 million barrels of crude oil from its strategic reserves. At the same time, the International Energy Agency has also agreed to release additional cargoes from emergency reserves, including diesel fuel, to ease pressure on the market.

The U.S. Department of Energy announced on Friday, October 16, that it has issued a call for proposals from companies interested in participating in this exchange. Under this plan, companies can receive crude oil from the United States’ strategic reserves and return the oil to the reserves by the required deadline. The aim of this move is to increase supply in the market and reduce pressure caused by higher fuel prices.

The plan is in continuation of an international agreement that was reached in March, after the outbreak of war with Iran. At that time, the United States agreed to provide 172 million barrels of oil from its strategic reserves to companies in the form of a loan.