US to release an extra 15m barrels of oil amid skyrocketing prices

US officials have hinted at more releases if prices continue to surge

The White House is expected to unveil a new plan to release an additional 15 million oil barrels from the US Strategic Petroleum Reserve (SPR).

The move is expected to build confidence in the energy market and shield the US economy from Ukraine war shocks.

According to media reports, the Biden Administration also plans to refill the reserve as soon as prices hit around $70 (£62.1) a barrel.

An official told reporters: “This is an important signal for producers that the SPR will be part of helping to moderate and stabilise price flows, not only when prices are going high but when prices are going low.”

More releases could be seen in the coming months if energy prices continue to rise.

In May, US officials announced that the US Department of Energy would sell up to 40.1 million barrels of crude oil from the Strategic Petroleum Reserve (SPR).

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