US Releases 1-1.5M Barrels/Day From SPR; 20+ Countries Implement Emergency Fuel Price Controls

Energy Secretary Chris Wright confirmed emergency SPR drawdowns of 1-1.5 million barrels per day, coordinated with IEA member countries releasing record strategic reserves. Over 20 countries have implemented emergency measures: Spain enacted a EUR 5 billion VAT reduction plan, Japan subsidizes refiners to cap petrol at 170 yen/liter, Vietnam waived customs duties on fuel imports, Brazil suspended diesel taxes, and several Asian nations mandated work-from-home policies. Bangladesh imposed fuel rationing.