US To Release 30 Million Barrels Of Crude Oil From Strategic Petroleum Reserve

Amid soaring crude oil prices, the United States on Wednesday (3 March) announced that it will release 30 million barrels of crude oil from its strategic petroleum reserves.

In a statement, the US Department of Energy said that the move to release oil from strategic reserves is aimed at addressing the "significant market and supply disruptions" in crude trade due to the Russian invasion of Ukraine.

"The US Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) plans to issue a Notice of Sale for the 30-million-barrel sale on 2 March," the statement said.

The US announcement comes after joint International Energy Agency (IEA) meeting on Tuesday, in which America and 30 other member-nations agreed on the release of 60 million barrels of oil from the their emergency reserves.

The US Department of Energy noted that the move is part of a coordinated action with the IEA member countries and reflects "a common focus and willingness to address significant market and supply disruptions related to President Putin’s war on Ukraine".

The move comes as global benchmark brent crude settled at nearly $105 a barrel on Tuesday, its highest since August 2014, as refiners, traders and oil majors steer clear of Russia, out of an abundance of caution that they may unwittingly run afoul of sanctions somewhere.