Global Oil Reserves Draining Amid Emergency Releases

The International Energy Agency (IEA), in consultation with the G7, announced another 100 million barrels of oil release, part of a larger 400 million barrel plan to address supply squeezes. Experts warn that strategic petroleum reserves (SPR), including the US SPR, are already critically low and emptying. This depletion risks future supply cushions, potentially leading to increased oil price volatility.