September 26, 2018 / 8:01 PM / 3 months ago

U.S. not considering oil stockpile release over Iran - Perry

WASHINGTON, Sept 26 (Reuters) - The administration of President Donald Trump is not considering any release from the U.S. emergency oil stockpile to offset the impact of looming Iran sanctions, and will rely on big global producers to keep the market stable instead, Energy Secretary Rick Perry said on Wednesday.

“If you look at the Strategic Petroleum Reserve and you were to introduce it into the market, it has a fairly minor and short-term impact. The numbers I’ve seen do anyway,” Perry told reporters at the Department of Energy headquarters, explaining the administration’s thinking.

He said that, while price spikes are possible in the short-term, “I’m comfortable that the world supply can absorb the sanctions that are coming.” He said some 600,000 barrels per day of additional oil could reach the market from Iraq, Saudi Arabia, and Kuwait, depending on their governments.

Reporting by Timothy Gardner Editing by Marguerita Choy

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