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

(Bloomberg) -- 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.

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