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U.K. Will Release 1.5 Million Barrels From Its Strategic Oil Reserves

U.K. Will Release 1.5 Million Barrels From Its Strategic Oil Reserves

The U.K. will make 1.5 million barrels of oil available from its strategic stockpile, making a modest contribution to the U.S.-led coalition of energy consumers seeking to damp down rising energy costs.

The supplies will be made available to oil companies that want to buy it in coming weeks, a government spokesperson said on Tuesday. The sale would still leave U.K. reserves significantly above the 90 days of demand required by the International Energy Agency.

“This is a sensible and measured step to support global markets as we emerge from the pandemic,” they said.

©2021 Bloomberg L.P.