US Energy Secretary: Oil reserve releases will be carried out through swap arrangements, and supply in the Western Hemisphere is not tight.

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U.S. Energy Secretary Chris Wray said on March 12 in an interview with American media that the United States is currently “not ready” to escort oil tankers through the Strait of Hormuz.

Wray stated that the U.S. will release oil reserves in the short term through swaps. Supply in the Western Hemisphere is not tight; the main tension is in Asia.

We are experiencing significant short-term supply disruptions. No discussions have taken place regarding bans on refined oil product exports.

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