Biden urges oil companies to increase production
Biden announces oil reserve release
Washington will take 1mn bl/d from SPR for the next six months
President Biden has announced that the US will release 1mn bl/d from its Strategic Petroleum Reserve (SPR) for the next six months, adding a total 180mn bl to the market over the period. “This is a wartime bridge to increase oil supply until production ramps up later this year. And it is by far the largest release from our national reserve in our history,” Biden said in a speech. The release is being “coordinated... with allies and partners around the world”, the president continued, adding that “we have commitments from other countries to release tens of millions of additional barrels into the market”. “I want to acknowledge those companies that have already announced they are increasing im
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
