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Washington to release 40M barrels from reserve
The U.S. government announced its plan to withdraw 40 million barrels of oil from the strategic reserve, as part of a global agreement to counter rising energy prices following the war with Iran. This announcement comes after a previous drawdown of up to 172 million barrels in March, and significant withdrawals in recent years amid international tensions, which have reduced the reserve level to less than 284 million barrels—the lowest since 1982. Outlooks suggest that this withdrawal could help lower gasoline and diesel prices, which have hit record highs this year. The U.S. government remains committed to ensuring the market’s needs are met in times of emergency.
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