US to Refill Strategic Petroleum Reserve With 40 Million Barrels After Iran Conflict Ends, Energy Secretary Says
Summary
- US Energy Secretary Chris Wright said the country plans to expand the Strategic Petroleum Reserve (SPR) after the Iran-related conflict ends.
- Wright said the US would add 40 million barrels to the Strategic Petroleum Reserve after the Iran conflict is over.
- Market participants say expanded SPR purchases could boost crude demand and affect international oil prices.
Forecast Trend Report by Period
US Energy Secretary Chris Wright said the US plans to expand the Strategic Petroleum Reserve after the Iran-related conflict ends. Markets are watching the implications for US energy security policy and the outlook for crude supply.
Walter Bloomberg reported on June 5 that Wright said the US would add 40 million barrels to the SPR after the Iran conflict is over.
The comments came as tensions in the Middle East have escalated and uncertainty over energy supplies has persisted.
The US previously released large volumes from the SPR to stabilize oil prices and protect energy supply chains. It is now rebuilding those stockpiles.
Markets are focused on whether the US government will move more aggressively to replenish the SPR if talks between Washington and Tehran advance and tensions in the Middle East ease.
Expanded SPR purchases could also increase future crude demand and affect international oil prices, market participants say.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
