US energy chief tells CNBC a further SPR oil release is unlikely

Group 1 - The U.S. Energy Secretary Chris Wright stated that a further release of oil from the Strategic Petroleum Reserve (SPR) is "highly unlikely" amid the ongoing conflict with Iran [1][2] - The U.S. is exploring alternative methods to reduce energy prices, such as improving refinery efficiency and increasing diesel fuel availability [2] - Earlier in March, the U.S. announced a coordinated release of 172 million barrels from the SPR in collaboration with 32 International Energy Agency countries [3] - The Energy Department has loaned 45.2 million barrels from the SPR to energy companies, which is part of the first batch of an offered 86 million barrels [3] - The loans from the SPR come with a premium of about 20%, requiring companies to repay in additional barrels, which will result in a higher oil level in the SPR by the end of next year compared to the current level of approximately 415 million barrels [4]