U.S. to extract 172 million barrels of oil from strategic reserves

Kathmandu. The United States has announced that it will extract 172 million barrels of oil from its strategic petroleum reserves. US Energy Secretary Chris Wright said in a statement that the 32 members of the International Energy Agency (IEA) have unanimously agreed to Trump’s proposal to collectively remove 400 million barrels of oil and refined products from their reserves to lower energy prices.

As part of that effort, President Trump authorized the Department of Energy to extract 172 million barrels of oil from the Strategic Petroleum Reserve next week. Based on the planned release rate, it will take about 120 days to complete the supply. Wright said the U.S. plans to replace about 200 million barrels of oil in these strategic reserves over the next year.