U.S. Considers Further Release from Strategic Petroleum Reserve

U.S. Energy Secretary Chris Wright stated that while it is possible to release more oil from the Strategic Petroleum Reserve to stabilize energy markets amid the Iran conflict, such a decision is unlikely. Earlier, the U.S. coordinated a significant release of 172 million barrels with international allies.

U.S. Energy Secretary Chris Wright has suggested that a further release of oil from the nation's Strategic Petroleum Reserve is improbable, even amidst ongoing conflicts with Iran. Wright shared this perspective during an interview on CNBC, offering assurances to market observers.

Earlier this month, the United States coordinated with international partners, including countries in the International Energy Agency (IEA), to release a substantial 172 million barrels from the reserve. The objective was to reassure and stabilize energy markets during these uncertain geopolitical times.

The Strategic Petroleum Reserve currently holds approximately 415 million barrels. Secretary Wright emphasized that the reserve's release remains a cautious move and will be evaluated based on market conditions and geopolitical developments.

(With inputs from agencies.)