Trump says oil reserves release will reduce prices

U.S. President Donald Trump said he would release strategic oil reserves to stabilise rapidly rising prices, adding that the reserves would be replenished afterwards.

“We’ll do that, and then we’ll fill it up,” Trump told news station Local 12 on Wednesday, saying the move would push prices down.

The International Energy Agency (IEA) had earlier announced it would release a record amount of oil onto global markets.

The 32 member countries, including the United States, will release a total of 400 million barrels of crude, according to an IEA statement.

The U.S. Department of Energy said it plans to release 172 million barrels starting next week over a period of roughly four months.

According to the government, the U.S. strategic petroleum reserve is the world’s largest emergency stockpile of crude oil.

It was set up primarily to mitigate the effects of supply crises and meet international obligations.