Amid the global rise in crude prices following the conflict between the United States and Iran, the Trump administration has begun releasing oil from the Strategic Petroleum Reserve (SPR). The first batch delivered reaches 45.2 million barrels, equivalent to 52% of the total initially announced.
This move is part of an agreement with 32 member countries of the International Energy Agency, which seeks to collectively release up to 400 million barrels to ease pressure on international energy markets. The war initiated on February 28 by the United States and Israel has driven oil prices to levels not seen since the start of the conflict between Russia and Ukraine.
Awarded Companies
Among the companies that received crude in this first phase are:
- BP Products North America
- Gunvor USA
- Marathon Petroleum
- Shell Trading
- Energy Transfer Crude Marketing
- Mercuria Energy America
- Trafigura Trading
- Vitol
These companies operate with the commitment to return the oil within defined timeframes and with an over-delivery that ensures the progressive increase of reserves. In fact, according to the government, this first cycle could add up to 10 million barrels to the SPR, once all returns are completed.
A Critical Reserve in Key Moments
The SPR is located in underground caverns along the coasts of Texas and Louisiana and currently stores approximately 415 million barrels, equivalent to more than four days of global crude consumption, consolidating it as a vital instrument of energy security.
International Coordination and Global Perspective
The crude release is part of a joint action with the International Energy Agency, which coordinates energy responses among allied nations. This cooperation seeks to cushion the effects of the conflict on the global economy, protecting supply and moderating market volatility.
Meanwhile, the market is closely watching how oil prices evolve and whether the measures adopted manage to contain the increases driven by geopolitical uncertainty.
Source: Reuters