The US does not intend to sell oil from its strategic reserve to reduce its price on world markets in connection with the military operation against Iran. President Donald Trump stated this position in an interview with the ag. Reuters.
Trump has stated that he does not intend to release oil from its strategic reserve for sale. According to sources of the ag. Reuters, several US administration officials are considering this option, but the US leader has “ruled it out“.
The Financial Times previously reported that the conflict in Iran could lead to oil prices rising to $80-100 per barrel.
The US Strategic Petroleum Reserve was created by Congress in 1975 after the global energy crisis to serve as a backup option for further emergencies. Four salt-filled storage facilities in Louisiana and Texas currently store approximately 415 million barrels of oil. Total authorized storage capacity is currently set at 714 million barrels. The US oil reserve is the largest in the world owned by the government.