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The Paris-based organization said it will make 400 million barrels of oil available from its members’ emergency reserves in an effort to calm surging oil prices.

G-7 finance ministers held a virtual meeting to discuss the Iran war, its impact for regional stability, global economic conditions and financial markets, and the importance of secure trading routes.

Energy Secretary Chris Wright plans to seek up to $20 billion to accomplish President Donald Trump’s goal of refilling the nation’s depleted oil reserve to its maximum capacity.

The Biden administration announced July 29 it has purchased 4.65 million barrels of crude oil for the nation’s emergency cache as it continues refilling the depleted reserve.

The Biden administration won’t move forward with its latest plans to buy oil for the Strategic Petroleum Reserve amid rising prices.

The U.S. purchased 2.8 million barrels of crude for the nation’s emergency oil cache as it seeks to replenish depleted supplies.

The Biden administration may not be able to take full advantage of the recent drop in oil prices as it seeks to refill its depleted crude oil reserve, an Energy Department official said Dec. 4.

WASHINGTON — The Biden administration is delaying plans to restock the nation’s emergency oil reserve amid a price hike that has pushed oil above $80 a barrel.

The Biden administration announced July 7 that it is purchasing 6 million barrels of crude oil for the Strategic Petroleum Reserve as it continues to slowly refill the emergency stockpile.

The U.S. is soliciting bids for up to 3 million barrels of sour crude oil to refill its depleted Strategic Petroleum Reserve in August.