32 nations release 400M barrels of emergency oil reserves
Oil prices have stayed high despite 32 of the world’s biggest economies, including the United States, agreeing Wednesday to add 400 million barrels of oil to the global market, the biggest-ever release of emergency oil stocks.The dramatic move, led by the IEA, is aimed at shoring up crude supplies disrupted by the war in Iran and capping oil price rises. But a near-blockade of the Strait of Hormuz – which is choking off around 15 million barrels of crude oil and 5 million barrels of other oil products from global markets every day – means that the 400 million barrels of crude would be absorbed in just 26 days.
0:00 Oil prices top $100/barrel as Iran attacks energy supplies
0:39 US releases 172 million barrels from Strategic Petroleum Reserve
0:58 Why isn't the IEA's 400 million-barrel release affecting oil prices?
2:41 How high will prices go?
3:46 Energy Secretary Chris Wright: "That's what the Strategic Petroleum Reserve is for"
4:35 Can the US declare victory without reopening the Strait of Hormuz?
9:01 Are we in the midst of a global oil crisis?
Watch more CNN here: https://cnn.it/4kh5RPe
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