U.S. President Donald Trump says the United States will release crude from its strategic petroleum reserve to help cool rapidly rising global oil prices.
Speaking to Local 12 on Wednesday, Trump said the move aims to stabilise the market, adding that the reserves would be replenished later.
“We’ll do that, and then we’ll fill it up,” he said, noting the step should push prices down.
The decision comes as the International Energy Agency announced a coordinated plan for its 32 member countries, including the United States, to release a record 400 million barrels of crude oil into global markets.
Meanwhile, the U.S. Department of Energy confirmed it will release 172 million barrels starting next week, spread over roughly four months.
The U.S. Strategic Petroleum Reserve is the largest emergency crude oil stockpile in the world, created to cushion supply disruptions and help stabilize markets during major energy crises.
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