StanChart Says Record SPR Withdrawals Are Tightening U.S. Oil Buffers

Back in March, the 32 member countries of the International Energy Agency (IEA) unanimously pledged a record-breaking release of 400 million barrels of crude oil from their Strategic Petroleum Reserves (SPR) shortly after Iran’s blockade of the Strait of Hormuz triggered oil price spikes, more than double the 182.

Back in March, the 32 member countries of the International Energy Agency (IEA) unanimously pledged a record-breaking release of 400 million barrels of crude oil from their Strategic Petroleum Reserves (SPR) shortly after Iran’s blockade of the Strait of Hormuz triggered oil price spikes, more than double the 182.