US Energy Secretary Wright says they are releasing 172mln SPR barrels in swaps for over 200mln bbls back within a year
Importance
Level 1
- Military operation will take weeks, not months.
- Navy escort will happen relatively soon, cannot happen right now.
- It is quite likely the Navy can escort ships by the end of the month.
- On SPR, releases will be exchanged at no cost to US taxpayer.
- Will see the US working with other nations to reopen Strait of Hormuz.
- SPR draw will be exchanges, and oil will be returned to reserves.
- When can afford some additional assets to move tankers through the Strait, they will.
- Short-term disruption is needed for long-term energy security.
- No discussion of refined products export ban.
- On possible limits of US exports like China, says no discussion to do that.
- Russia is not getting sanctions relief.
- Unlikely oil is going to get to USD 200/bbl.
- Will be able to move off Russian unriched uranium.
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