The globe's top consumers of oil are poised to release billions of barrels of emergency reserves of the energy commodity to stave off the continued increase of crude oil as sanctions tighten against Iran, according to The Financial Times.
The U.S., the U.K., France and Japan are likely to soon approve of releasing strategic petroleum stocks in advance of sanctions levied by the European Union against the oil-rich Middle Eastern nation, which are scheduled to be executed in July. The pivotal question is whether disruption to the current supply is grave enough to warrant opening the reserves.
"The pressure to use the strategic petroleum reserve is rising," consultancy head Robert McNally with The Rapidan Group and a former high-level White House oil official told the news source. "I get the impression it is coming up this spring or summer."
Iran is under scrutiny by western nations due to its nuclear program, which the countries believe to be oriented toward the assembly of nuclear weapons.
Turkey is planning on acquiring oil from Libya as one method of minimizing its reliance by one-fifth on the energy commodity from Iran, the Turkish Press reports. Turkey is believed to be working on avoiding sanctions imposed against counties that purchase oil from Iran.
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