The US is releasing its strategic oil reserves into the market to control the rise in energy prices.
The US Department of Energy announced that the initial shipments of oil from the United States’ strategic oil reserves will enter the market by the end of this week, a move aimed at controlling the rise in energy prices since the start of the war between the US and Israel with Iran.
The department has requested an exchange of up to 86 million barrels of crude oil from these reserves, which is part of the 172 million barrels that Washington announced it would release earlier this week.
In a statement on Friday, the US Department of Energy announced that this oil will be offered to the market at no cost to American taxpayers.
The US action is part of a joint plan by the International Energy Agency, in which 32 member countries have agreed to release a total of 400 million barrels of oil from their emergency reserves in response to the war in the Middle East.