US Releases First Oil From Strategic Reserve

42.5 million barrels.

The US authorities have provided American oil companies with the first 42.5 million barrels of oil from the strategic reserve out of the planned 172 million barrels. This is stated in a statement posted on the website of the country's Department of Energy.

According to the document, the United States has begun the first phase of oil extraction in the amount of 42.5 million barrels from the reserve. Deliveries began on March 20.

The Energy Ministry expects companies that receive oil from the strategic reserve to replenish it by 55 million barrels in the future.

On March 19, U.S. Treasury Secretary Scott Bessent said the United States could lift sanctions on Iranian offshore oil in the coming days. He also admitted that the country could release additional oil to the market from a strategic reserve to lower prices.

Later in the day, Bessent said the new U.S. license to sell Iranian crude and oil products would enable the prompt release of about 140 million barrels of fuel to world markets.

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