U.S., Allies Discuss 60 Million-Barrel Oil-Reserve Release
- Move is considered after oil prices surged over $100 a barrel
- Final decision not yet made and deliberations continue
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The U.S. and its allies are discussing a coordinated release of about 60 million barrels of oil from their emergency stockpiles after Russia’s invasion of Ukraine pushed crude prices above $100.
The deliberations are currently focused on a release of 30 million barrels from the U.S. Strategic Petroleum Reserve and an equivalent amount from a group of other countries, according to three people familiar with the matter, who asked not to be identified discussing non-public deliberations.