Washington releases 40M barrels from oil reserve
The administration of U.S. President Donald Trump announced that it will lend 40 million barrels of oil from the Strategic Petroleum Reserve to energy companies, aiming to control the rise in fuel prices resulting from the war with Iran and Russia's war in Ukraine. This comes after Washington approved a withdrawal of 172 million barrels from the reserve in March as part of an agreement with approximately 30 countries, intended to stabilize the oil market which has experienced historic disruptions. The withdrawal method relies on loans that companies will repay with additional barrels, considering this approach as a means to balance the market without placing any costs on American taxpayers.
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