00:00The United States will release more than 53 million barrels of crude oil from its strategic petroleum reserve under an
00:07exchange program with energy companies.
00:09The move is part of a broader effort to stabilize global energy markets as all prices remain elevated amid conflict
00:17in the Middle East and disruptions in the Strait of Hormuz.
00:21The United States Department of Energy said about 80 million barrels of oil have already been made available this spring
00:28as part of a wider plan to release 172 million barrels.
00:33The release is also part of a March agreement between the United States and more than 30 countries under the
00:39International Energy Agency to help ease pressure on global oil supplies.
00:44Energy companies including ExxonMobil, Trafigura and Marathon Petroleum are among those selected to receive the oil.
00:52Under the program, companies must return the crude at a later date along with additional barrels that the government said
00:59will help compensate taxpayers.
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