Members of the International Energy Agency are seeking to relieve oil supply disruptions.
The Department of Energy announced the awarding of contracts for the exchange of roughly 53.3 million barrels of crude from the Strategic Petroleum Reserve (SPR) from four sites. The department secured approximately a 28 percent return premium, equal to 15.1 million barrels.
Assistant Secretary of Energy Kyle Haustveit of the Office of Hydrocarbons and Geothermal Energy said, “These actions continue to move oil swiftly into the market, address near-term supply needs, and ensure that the Strategic Petroleum Reserve remains strong through the return of premium barrels.”
This exchange furthers the department’s plan to contribute 172 million barrels of oil to the International Energy Agency’s (IEA) efforts to support the global oil supply. The U.S. and 32 member nations of the IEA have agreed to release 400 million barrels of oil and refined products. The IEA attributed the rise in oil costs to the war in Iran, describing it as the “largest supply disruption in the history of the global oil market.”
As the Lord Leads, Pray with Us…
- For Secretary Wright and Assistant Secretary Haustveit as they oversee the exchange from the SPR’s reserves.
- For U.S. energy officials as they address rising oil costs and supply chain disruption.
- For discernment for President Trump as he gauges the situation in the Middle East.
Sources: Department of Energy, International Energy Agency
