The International Energy Agency announced Wednesday that its member countries, which includes the United States, would release 400 million barrels of oil from reserves. However, whether the U.S. will participate in any releases from the Strategic Petroleum Reserve is unclear.
The act will be the largest release of crude from global strategic reserves in history, and it’s part of an effort to bring down crude oil prices, the according to The Wall Street Journal.
The release would be twice the size of the next largest release, which occurred in 2022 following the Russian invasion of Ukraine. That release put 182 million barrels of oil on the market.
Members of the Group of Seven finance ministers decided Monday not to release strategic oil reserves, Reuters reported. The G7 includes Canada, Japan, Italy, Britain, Germany, France and the United States.
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