JAKARTA - The United States said it would release 172 million barrels of petroleum from its emergency reserves, starting next week, in an effort to lower energy prices, which have soared due to the US-Israeli war with Iran.
The amount was part of a coordinated release of 400 million barrels of oil by 32 members of the International Energy Agency (IEA) the previous day, according to US Energy Secretary Chris Wright.
The release of the US Strategic Petroleum Reserve is expected to take about 120 days.
"They (Iran) have manipulated and threatened the energy security of America and its allies," Wright said, quoted by ANTARA from Kyodo, Thursday, March 12.
"Under President Trump's leadership, those days are soon to end," he continued in the statement.
The collective action under the IEA is the first since 2022, when Russia launched its massive invasion of Ukraine.
The release of 400 million barrels of oil from the emergency reserves of 32 countries - including many European countries, as well as Japan and South Korea - would be the largest precedent ever.
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