US to lend 40 million barrel oil from strategic reserve as Ukraine war strains global supply
- The move comes amid an energy crisis that has erupted due to the escalating Russia-Ukraine war, and America’s inconclusive conflict with Iran (Photo: Reuters).
- United States on Tuesday offered to loan energy companies 40 million barrels of oil from its Strategic Petroleum Reserve, an attempt to control rising prices due to the Ukraine and Iran conflict.
- In March, the United States committed to lend 172 million barrels of oil from the SPR, forming part of a broader agreement among roughly 30 International Energy Agency member countries to release 400 million barrels in total.
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- The move comes amid an energy crisis that has erupted due to the escalating Russia-Ukraine war, and America’s inconclusive conflict with Iran (Photo: Reuters).
- United States on Tuesday offered to loan energy companies 40 million barrels of oil from its Strategic Petroleum Reserve, an attempt to control rising prices due to the Ukraine and Iran conflict.
- In March, the United States committed to lend 172 million barrels of oil from the SPR, forming part of a broader agreement among roughly 30 International Energy Agency member countries to release 400 million barrels in total.
Sources: Times of India