Washington, May 12 -- The US Department of Energy announced plans to release 53.3 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to help stabilize global fuel supplies.
According to the department, the oil will be distributed from the Bayou Choctaw, Bryan Mound, Big Hill, and West Hackberry storage sites. Deliveries are set to begin immediately, with around 35 million barrels already supplied to the market.
The decision is the next step in the release of a total of 172 million barrels onto the market from US reserves as part of coordinated measures by the International Energy Agency (IEA) to stabilize global oil supplies, the department said.
Earlier in March, the IEA announced the release of 400 million barrels ...