US Energy Chief: US considers selling oil from strategic reserves

Energy Secretary Chris Wright stated on Monday that the U.S. may consider coordinating oil sales from its Strategic Petroleum Reserve with those of other countries as prices have soared during the war against Iran.

Wright said that the U.S. also has "some options" to allow more sales of Russian crude oil in tankers in Asia. Washington, for example, issued a waiver late last week allowing the sale of Russian crude oil currently stranded on sea to continue into India.

Wright, speaking to reporters at a Colorado natural gas plant, said: "We're talking about coordinated releases from SPR." The U.S. SPR is located off the coasts?of Texas and Louisiana. It holds 415 million barrels of oil. That's more than the world consumes in four days.

The global and domestic oil futures reached their highest levels since August 2022 on Monday as the U.S.-Israeli war stranded tanks and stopped?oil production throughout the Middle East.

International Energy Agency (IEA), the West's energy watchdog called on Monday for a coordinated release of oil. The G7 nations agreed to closely monitor "developments" in?the energy market. The release of oil has not yet been announced.

Fatih Birol told G7 finance ministers on Monday that the IEA's members held more than 1.2 billion barrels in public emergency oil reserves and 600 million barrels were under government obligation.

The?U.S. Wright stated that the U.S. (Reporting and writing by Liz Hampton, Timothy Gardner; editing by Mark Porter & David Gregorio).

(source: Reuters)