The US on Tuesday said it would release more oil from the country's emergency stockpile in an effort to contain rising fuel prices due to energy supply disruptions from the Iran war.The Energy Department said it was offering to loan energy companies up to 40 million barrels of crude oil from the Strategic Petroleum Reserve. The offer represents the last of the drawdown of 172 million barrels from the reserve ordered in March. Bids are due by October 6, the department said.“With today’s actions, the United States continues to lead the co-ordinated efforts to stabilise oil markets for the benefit of Americans and people around the world,” Energy Secretary Chris Wright said in a statement.The SPR is projected to fall to its lowest levels since 1982 once the drawdown is completed. Most recent government data recorded the reserve inventories at 284.5 million barrels for the week ending September 19. The generally accepted minimum level for safe operations is 250 million barrels.The US agreed to withdraw 172 million barrels of crude from its stockpile alongside other members of the International Energy Agency in March, to contain rising energy prices due to the closure of the Strait of Hormuz and strikes on key energy sites across the Gulf. The 32-member IEA agreed to a co-ordinated release of 400 million barrels from their reserves.However, the US claimed on Tuesday that “several Eu...
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