The Trump administration has initiated the U.S. Strategic Petroleum Reserve drawdown program

BlockBeats News, March 14th, the Trump administration has initiated the process of tapping into the U.S. emergency oil reserve on a large scale, issuing a request to exchange 86 million barrels of crude oil. The Department of Energy said in a statement on Friday that the oil extracted from the strategic petroleum reserve is expected to start flowing into the market by the end of next week as part of the 172 million-barrel large-scale release plan announced on Wednesday.

The oil reserve release is expected to take four months to complete and is part of a coordinated 400 million-barrel action plan with other countries. Under the exchange terms, companies will return the borrowed oil to the Department of Energy in the future and pay an additional amount of oil as a premium.

Earlier this week, the Department of Energy stated that the Trump administration has arranged to replenish the strategic oil reserves with about 200 million barrels of oil over the next year, which is 20% more than the reserves used this time. (Sina Finance)