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
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
