Washington, March 12 (NationPress) The United States plans to release 172 million barrels of oil from its Strategic Petroleum Reserve over the upcoming four months. This action is part of a coordinated international initiative by leading economies to stabilize energy markets as escalating conflicts in the Middle East drive global prices upward.

The announcement was made by the US Department of Energy following an agreement among 32 member nations of the International Energy Agency to collectively release 400 million barrels of oil and refined products from their national reserves to boost supply.

“Earlier today, the International Energy Agency's 32 member nations unanimously responded to President Trump's request for a coordinated release of 400 million barrels of oil and refined products from their reserves,” stated US Energy Secretary Chris Wright in a press release from the Department of Energy.

“In line with this initiative, President Trump has authorized the Department of Energy to begin releasing 172 million barrels from the Strategic Petroleum Reserve, starting next week. The entire process will take approximately 120 days based on the planned discharge rates.”

The Energy Department confirmed that the release will commence next week and is expected to span about four months, adhering to the scheduled discharge rates.

Earlier, President Donald Trump hinted at this decision during an interview with a local TV station while in Ohio to discuss his economic policies.

“We’ll do that, and then we’ll refill it,” Trump remarked regarding the strategic reserve. “For now, we’ll reduce it slightly, leading to a drop in prices.”

This strategy is part of a larger international effort spearheaded by the International Energy Agency to inject more oil into the global market amid rising prices and geopolitical strife.

On Wednesday, oil prices spiked, with Brent crude—the global standard—approaching $100 per barrel after dipping below $90 earlier in the day, as per market data.

Gasoline prices in the US have also seen a steady increase, with the national average reaching $3.58 per gallon after rising for 11 consecutive days.

This announcement arrives as tensions in the Middle East disrupt global energy markets and create concerns over transportation through the Strait of Hormuz, a vital oil transit route.

In his statement, Wright emphasized that the administration intends to replenish the reserve after the drawdown and asserted that this action underscores a commitment to energy security.

“President Trump has pledged to safeguard America’s energy security by managing the Strategic Petroleum Reserve responsibly, and this action reflects his dedication to that promise,” said Wright.

“In contrast to the previous administration, which left America’s oil reserves depleted and compromised, the United States has arranged to replenish these strategic reserves with approximately 200 million barrels within the next year—20 percent more than will be drawn down—at no cost to taxpayers.”

Wright also connected this decision to heightened tensions involving Iran.

“For 47 years, Iran and its terrorist affiliates have sought to harm Americans, manipulating and threatening the energy security of the US and its allies. Under President Trump, those times are coming to a close,” Wright affirmed.

“You can be assured, America’s energy security is stronger than ever.”

The Strategic Petroleum Reserve was established in the 1970s following the Arab oil embargo to provide emergency supplies during significant disruptions in global energy markets. It remains the world’s largest emergency crude oil stockpile.