US energy chief says a further SPR oil release is unlikely

US Energy Secretary Chris Wright said on Monday that the US could release more oil from its Strategic Petroleum Reserve to calm energy markets during the war with Iran but called such a move “highly unlikely,” in an interview with CNBC.

The US earlier this month announced a 172 million barrel exchange from the reserve in a bigger coordinated release with International Energy Agency countries. The SPR currently holds about 415 million barrels.

Reuters