Biden to Release 180 Million Barrels of Oil from Emergency Energy Reserves

In the largest ever heave from its emergency resources, the Biden administration is set to issue as many as 180 million barrels of oil from its Strategic Petroleum Reserve (SPR), over the course of multiple months.

This follows the country’s ban on oil imports from Russia — which is a top oil supplier — after it invaded Ukraine late last month, which has resulted in a spike in fuel prices in the United States.

According to Reuters, a New Zealand Energy ministry’s spokesperson revealed in an email that countries part of the International Energy Agency (IEA) are set to convene on Friday to discuss a potential mutual oil release. The email also said that the “meeting will set a total volume, and per country allocations will follow."

The present release of oil from the U.S. emergency reserves is the third one in the past six months and the biggest discharge of fuel in the 50 years of the SPR, reported Reuters. It comes prior to the OPEC+’s meeting on Thursday where it is likely to stick to its original plan of progressively upping its output.

©Photo: Financial Times