US authorises emergency release of up to 400,000 oil barrels from strategic reserve
The authorisation was issued to address a supply disruption affecting Phillips 66's Lake Charles refinery in Louisiana.
The US Department of Energy has authorized an emergency release of up to 400,000 barrels of crude oil from the Strategic Petroleum Reserve (SPR), according to wire material. This move comes as the SPR has reached its lowest level since 1982, following President Donald Trump's decision to tap the reserve during the US war on Iran, which disrupted supply lines.
The situation was exacerbated by President Joe Biden's use of the reserve after Russia's invasion of Ukraine. The Lake Charles refinery in Louisiana, operated by Phillips 66, has a capacity to refine approximately 264,000 barrels of oil per day. The emergency exchange aims to address temporary disruptions to crude oil deliveries to the refinery and maintain the production of transportation fuels for Louisiana and nearby markets. Phillips 66 has not yet provided a comment on the reason for the oil release.
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