Strategic reserves to reduce oil prices - US to release 172 million barrels
The US will release 172 million barrels of oil from its strategic reserves in an effort to lower oil prices that have risen sharply due to supply shocks from the US-Israeli war against Iran.
U.S. Energy Secretary Chris Wright said the decision is part of a broader 400 million barrel oil initiative agreed to by the International Energy Agency with 32 countries earlier in the day. Wright said the rollout will begin next week and will take about 120 days to complete.
The US and Israel launched attacks on Iran on February 28. Iran has responded with its own attacks on Israel and Gulf countries with US bases.
Raising risks to the global economy, Iran's Islamic Revolutionary Guard Corps said it would block oil shipments from the Gulf if US and Israeli attacks were not stopped. The war has shaken markets around the world.
When asked earlier whether he was considering the threshold for the strategic petroleum reserve, President Donald Trump said Washington would "lower it a little bit."
"The United States has reached an agreement to replace these strategic reserves by approximately 200 million barrels within the next year," the US energy secretary said in a statement.
War doesn't stop Iran's oil - It has exported about 13.7 million barrels since the start of the war
Iranian crude oil has continued to be transported through the Strait of Hormuz at a near-normal pace, even as Tehran-linked attacks on ships in the narrow......
The government approved the 11.7 million euro loan for the Tirana-Rinas-Durrës railway
At its meeting today, the government approved the loan for the Tirana-Durres railway with a connection to Rinas International Airport. The financing to be......
Use of seashores for beaches, government approves model agreement
At its meeting today, the government approved the standard model of the agreement, to be concluded between the National Coastal Agency and investors, for the......
Customs-Tax operational plan signed for monitoring the fuel market, duration until June 30
According to a joint announcement by the Ministry of Finance and its two subordinate directorates, Taxes and Customs, the parties have signed a joint......
Border control strengthened: Meeting with UNODC on the fight against trafficking
The Director General of Customs, Besmir Beja, held a meeting today with a delegation of UNODC (United Nations Office on Drugs and Crime), headed by Danilo......
Malay: The economy is expected to grow by an average of about 4% during the period 2027–2029
The Minister of Finance, Petrit Malaj, stated today in a media appearance after the government meeting that, during the period 2027–2029, an average economic......
Large euro payments with AIPS reach peak - BoA: Around 25% more transactions in this system in the first two months of 2026
The year 2026 has started with a high activity of large-value bank payments in the country. Data published by the Bank of Albania show that during the first......
The government asks oil companies: Be careful with reserves/ Ibrahimaj: We are monitoring the market daily, that's why we have high prices
Economy Minister Delina Ibrahimaj does not rule out the possibility of reducing oil taxes, and more specifically excise taxes, to reduce the final price.......
