US plans to add 40M barrels to oil reserves

U.S. Energy Secretary Chris Wright announced that the United States will add 40 million barrels to its Strategic Petroleum Reserve after the resolution of the Iran conflict. This move aims to strengthen the national stockpile and stabilize the oil market. The current trend of the reserve shows a significant decline from its peak of 726.6 million barrels, reaching its lowest level since January 2024 with 357 million barrels by May 2026, due to emergency withdrawals related to global events and tensions in the Middle East.

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