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Emergency Oil Releases Risk Draining the World’s Last Supply Cushion

Earlier this week, the International Energy Agency, after consulting with G7, said it would release another 100 million barrels of diesel, gasoline, and crude oil. The release is part of a plan announced in March to release 400 million barrels of oil in response to the Hormuz squeeze. But there is a problem with those releases—storage is emptying. When the U.S. administration began releasing oil from the Strategic Petroleum Reserve, a flurry of reports followed, citing experts who warned the level of oil in the SPR was already low enough…