US, Allies Release Massive Oil Reserves Amid Mideast Conflict, Price Surge
US, Allies Release Massive Oil Reserves Amid Mideast Conflict, Price Surge
- •US President Donald Trump ordered the release of 172 million barrels from the US Strategic Petroleum Reserve due to the US-Israel-Iran conflict and surging oil prices.
- •The International Energy Agency (IEA) coordinated the largest emergency oil release in history, with member countries collectively releasing 400 million barrels.
- •Strategic Petroleum Reserves (SPRs) are government-maintained emergency stockpiles of crude oil designed to protect countries from sudden supply disruptions and price spikes.
- •Major economies like the US, China, Japan, South Korea, India, and European countries maintain SPRs, often coordinating releases through the IEA during crises.
- •India currently holds 50-60 days of fuel cover, with comfortable and regularly replenished inventories, despite the turmoil in West Asia.
