March 12, 2026 | 10:41 am
TEMPO.CO, Jakarta - The United States (US) said on Wednesday, March 11, 2026, it would release 172 million barrels of oil from its emergency oil reserves, starting next week, in an effort to lower energy prices, which have soared due to the US-Israel war with Iran.
This amount is part of a coordinated release of 400 million barrels of oil committed by the 32 members of the International Energy Agency (IEA) the previous day, according to US Energy Secretary Chris Wright.
The release of the US Strategic Petroleum Reserve is expected to take approximately 120 days.
“They (Iran) have manipulated and threatened the energy security of America and its allies,” Wright said in a statement.
“Under President Trump’s leadership, those days are coming to an end,” he continued in the statement.
This collective action under the IEA is the first since 2022, when Russia launched its full-scale invasion of Ukraine.
The release of 400 million barrels of oil from the emergency reserves of 32 countries—including many European nations, as well as Japan and South Korea—would be the largest ever.
Read: Putin: Russia Ready to Supply Oil and Gas to Europe If Requested
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