The United States has distributed the first 42.5 million barrels of crude oil from the Strategic Petroleum Reserve to oil companies, out of a planned total of 172 million barrels, according to information published on the website of the US Department of Energy on March 20.
The announcement states that the United States has begun the first phase of releasing 42.5 million barrels of crude oil from the strategic reserve. Deliveries began on March 20.
The Department of Energy expects companies receiving crude from the Strategic Petroleum Reserve in the first phase to eventually replenish it with a total of 55 million barrels.
On March 12, the department announced that the Washington administration would release a total of 172 million barrels from the National Strategic Petroleum Reserve over 120 days. The Department of Energy estimates that the reserve will be replenished with “approximately 200 million barrels of oil“ by 2027.
The reserve currently contains approximately 415 million barrels. Its total authorized capacity is currently set at 714 million barrels.
UN Secretary-General Antonio Guterres told Politico that the world body could help ensure the safety of shipping in the Strait of Hormuz.
He mentioned the Black Sea Grain Initiative. “My main goal is to determine whether it is possible to create conditions in the Strait of Hormuz similar to those that existed before,“ he said. “Of course, the context is different. The solution has to be different. At the same time, we would like to be helpful and we are ready to take control of the system. We have established working groups for this purpose. But we prefer to work directly with the United States and other countries.“