international
US moves to release more oil stockpiles under IEA agreement
Key takeaways
- US Department of Energy moves to transfer 53.3 million barrels amid rising oil prices.
- The US Department of Energy said on Monday that it had begun transferring 53.3 million barrels from the strategic petroleum reserve after awarding contracts to nine companies under its emergency exchange programme.
- Under the department’s exchange scheme, participating firms are required to replenish the stockpile with new barrels at a later date.
Why this matters: an international story with cross-border implications worth tracking.
US Department of Energy moves to transfer 53.3 million barrels amid rising oil prices.
xwhatsapp-strokecopylinkgoogle Add Al Jazeera on Googleinfo The Bryan Mound Strategic Petroleum Reserve in Freeport, Texas, US [File: Adrees Latif/Reuters]By John Power Published On 12 May 202612 May 2026The United States has announced its latest release of emergency oil stockpiles in coordination with the International Energy Agency (IEA).
The US Department of Energy said on Monday that it had begun transferring 53.3 million barrels from the strategic petroleum reserve after awarding contracts to nine companies under its emergency exchange programme.
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