Record U.S. Strategic Oil Release Surprised IEA Partners ...Middle East

The record 180-million release from the U.S. Strategic Petroleum Reserve (SPR) came as a surprise for the International Energy Agency when it was announced in late March, since the Biden Administration hadn’t informed the IEA the massive release was coming, sources with knowledge of the matter told Reuters on Monday. On March 31, the Biden Administration announced the largest release of oil reserves in history, putting one million additional barrels on the market per day on average for the next six months. This was made “after consultation…

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