The US has announced the first “test” sale of oil from its Strategic Petroleum Reserve since Iraq invaded Kuwait in 1990, in a move that underlines its ability to respond to any energy market turmoil as a result of the Ukrainian crisis.
The Department of Energy described the planned release of up to 5m barrels of oil, less than 1 per cent of the 696m in the reserve, as intended “to assess the system’s capabilities in the event of a disruption”.
The White House was not associating the release with the Crimean crisis. The energy department said the sale had long been planned for the time of year when refineries stock up for the summer driving
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