stockpiles

US Department of Energy moves to transfer 53.3 million barrels amid rising oil prices.

The United States has announced its latest release of emergency oil stockpiles in coordination with the International Energy Agency (IEA).

The US Department of Energy said on Monday that it had begun transferring 53.3 million barrels from the strategic petroleum reserve after awarding contracts to nine companies under its emergency exchange programme.

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Trafigura Trading LLC, a Texas-based commodities trading company, was granted the biggest haul of nearly 13 million barrels, with Marathon Petroleum Corporation and ExxonMobil set to receive 12.4 million barrels and 11.4 million barrels, respectively.

Macquarie Commodities Trading US, Atlantic Trading & Marketing, BP Products North America, Energy Transfer Crude Marketing, Mercuria Energy America and Phillips 66 will receive between 1.05 million and 6.55 million barrels each, according to the Energy Department.

Under the department’s exchange scheme, participating firms are required to replenish the stockpile with new barrels at a later date.

“These actions continue to move oil swiftly into the market, address near-term supply needs, and ensure that the Strategic Petroleum Reserve remains strong through the return of premium barrels,” Kyle Haustveit, the head of the department’s Hydrocarbons and Geothermal Energy Office, said in a statement.

The transfer comes after US President Donald Trump’s administration agreed in March to release 172 million barrels of crude as part of the IEA’s coordination of the largest unloading of global stockpiles in history.

Oil prices have surged since the US and Israel launched their war on Iran in late February, with Tehran’s retaliatory blockade of the Strait of Hormuz paralysing one of the world’s most important trade routes.

Maritime traffic in the strait has ground to a halt amid Iranian threats against commercial shipping, disrupting about one-fifth of the global oil trade.

Oil prices continued to edge higher on Monday after Trump dismissed Iran’s latest peace proposal and warned that the ceasefire between the sides was “on life support”, dampening hopes for a quick resolution to the conflict.

Facing growing public discontent over rising fuel prices, Trump on Monday also pledged to waive the 18.4 cents-per-gallon federal tax on petrol, though taxation is the purview of the US Congress.

Futures for Brent crude, the international benchmark, were up about 1 percent in Asia on Tuesday morning, topping $105 a barrel.

1 of 2 | Sen. Mark Kelly, D-Ariz., speaks at the U.S. Capitol in Washington, D.C., on February 24. He said Sunday that he was concerned about the depletion of the U.S. military’s weapons stockpile amid the war in Iran. File Photo by Bonnie Cash/UPI | License Photo

May 11 (UPI) — Defense Secretary Pete Hegseth said his department will “review” comments made by Sen. Mark Kelly, D-Ariz., about the U.S. military’s weapons stockpiles.

Hegseth’s renewed criticism into Kelly came in response to the senator’s appearance Sunday on CBS’ Face the Nation. Kelly, a retired Navy captain and former astronaut, said he received Pentagon briefings and it was “shocking … how deep we have gone into these magazines.”

“We’ve expended a lot of munitions. And that means the American people are less safe. Whether it’s a conflict in the western Pacific with China or somewhere else in the world, the munitions are depleted,” Kelly said.

In a post on X on Sunday evening, Hegseth questioned whether Kelly violated his oath by discussion the matter publicly.

“Now he’s blabbing on TV (falsely & dumbly) about a *CLASSIFIED* Pentagon briefing he received,” Hegseth said in his post, promising to have the Pentagon’s legal counsel review the comments.

Kelly said the information he shared wasn’t classified because Hegseth spoke on the topic during a hearing of the Senate Committee on Armed Services last week.

“We had this conversation in a public hearing a week ago and you said it would take ‘years’ to replenish some of these stockpiles. That’s not classified, it’s a quote from you.”

Kelly also shared a video of Hegseth’s comments from the hearing in his response on X.

The two leaders have been embroiled in a legal battle after Hegseth tried to censure and demote Kelly from his military rank over comments he made in November telling service members that they have the right and duty to ignore “unlawful orders” made by the Trump administration. Hegseth also sought to reduce Kelly’s retirement pay, calling his remarks “seditious.”

Canada on Wednesday announced $5 million in funding for international efforts aimed at identifying and eliminating chemical weapons remaining in Syria, Anadolu reports.

“Today, the Honourable Anita Anand, Minister of Foreign Affairs, announced Canada’s contribution of $5 million to the Organisation for the Prohibition of Chemical Weapons (OPCW) through Canada’s Weapons Threat Reduction Program,” the Global Affairs Canada said in a statement.

Noting that the OPCW will use the contribution to verify the scope of Syria’s former chemical weapons program, the readout added that the funding will also be used to investigate past uses of such weapons, and prepare for the safe destruction of remaining stockpiles, in line with the Chemical Weapons Convention.

The statement said the work is considered critical to “Syria’s long-term stability,” advancing accountability and reducing the risk to civilians of any future chemical weapons use.

“This contribution is part of Canada’s long-standing support to the OPCW to uphold the global ban on chemical weapons and strengthen international accountability,” it added.