For the first time in history, the U.S. has begun releasing oil from its strategic reserves to other countries — Reuters
The United States has launched an unprecedented operation to supply crude oil from its strategic reserves to countries in Europe and the Middle East.
This was reported by Reuters.
The first tankers carrying fuel are already heading to Turkey, marking Washington’s response to the global energy crisis caused by the full-scale war in Iran.
The Donald Trump administration is trying to halt the rapid rise in oil prices, which is destabilizing the global economy.
The U.S. president made a historic decision to release 172 million barrels from the Strategic Petroleum Reserve (SPR) to offset the shortage of raw materials.
These steps are part of a global strategy coordinated with the International Energy Agency.
In total, world leaders are preparing to release a record 400 million barrels of oil onto the market to offset the effects of the fighting in the Middle East.
Experts note that the war in Iran has effectively blocked traditional logistics routes.
As a result, the U.S. President is forced to use domestic reserves to support NATO allies and stabilize domestic prices at gas stations.
The first vessel to set sail for the Mediterranean was the Greek-flagged tanker North Star.
In mid-April, it loaded approximately 680,000 barrels of high-quality light crude oil at the Bryan-Mound terminal in Texas. The vessel is expected to dock at the Turkish port of Aliağa in just a few days.
The second shipment of oil is even larger and is being transported by the giant Hong Kong-flagged tanker DHT Antelope.
This vessel loaded 1.1 million barrels of oil in late April using a complex transshipment scheme on the open sea off the Galveston shelf.
The method of transferring fuel from one vessel to another directly in the ocean significantly speeds up the loading process.
Saudi Aramco reported oil losses due to the war in Iran
Oil prices have fallen to their lowest level in recent weeks amid expectations of a deal between the U.S. and Iran.
Global oil prices are falling due to signals of a possible easing of restrictions in the Strait of Hormuz by the US. This could help restore supplies of crude from the Middle East and stabilize the market.
Prior to this, the price of Russianoil had risen to a 12-year high amid the war with Iran.
The UAE is joining OPEC: a tectonic shift for the oil market.
The UAE has fully resumedair traffic following the threat of attacks from Iran.
Earlier, the UAE had banned its citizens from traveling to three countries.
