Trump Announces Strategic Oil Reserve Release to Curb Rising Prices

Donald Trump, President of the United States, has announced plans to release oil from the country’s strategic reserves in a bid to stabilise rapidly rising global prices.

Trump said the move would help ease pressure on the market, adding that the reserves would later be replenished.

“We’ll do that, and then we’ll fill it up,” he said in an interview with news station Local 12, expressing confidence that the release would drive prices down.

Earlier, the International Energy Agency (IEA) said it would release a record volume of crude oil onto global markets to help address supply concerns.

According to the agency, its 32 member countries, including the United States, will collectively release about 400 million barrels of crude oil.

The U.S. Department of Energy said it plans to release 172 million barrels beginning next week, with the process expected to last for about four months.

Officials noted that the U.S. Strategic Petroleum Reserve remains the world’s largest emergency stockpile of crude oil, created primarily to cushion the impact of supply disruptions and meet international energy security obligations.