Europe Emerges As Key Buyer Of U.S. Strategic Petroleum Reserve Oil

Last month, the International Energy Agency (IEA) announced the coordinated release of over 400 million barrels of oil from global strategic reserves to combat high energy prices amid the Middle East turmoil. The U.S. was to contribute approximately 172 million barrels of this total, with the release taking place over 120 days starting late March 2026 to help lower gasoline costs. And now reports have emerged that theTrump administration has authorized the release of millions of barrels of oil from the Strategic Petroleum Reserve (SPR), with Europe…