March 30 (Reuters) - The United States is considering
releasing 180 million barrels of oil over a period of several
months from the U.S. Strategic Petroleum Reserve, two sources
said on Wednesday, which would mark the third time the Biden
administration has tapped the reserve in the last six months.

    Oil prices have rocketed higher in recent weeks, with the
Brent benchmark surging at one point to $139 a barrel earlier in
March after Russia's invasion of Ukraine and subsequent
sanctions slapped on the nation by the United States and allies.
    Worldwide oil supply has been tightening for months,
exacerbated in recent weeks by expectations that Russian exports
could fall by anywhere from 1 to 3 million barrels a day. Russia
is the second-largest crude exporter behind Saudi Arabia.
    Most other major crude producers are either at capacity or
are unwilling to increase output as the world faces months of
tightening supply. The United States, the world's largest crude
producer, is currently pumping out 11.7 million barrels a day,
but that is not enough to meet world demand.
    The U.S. Strategic Petroleum Reserve currently stands at
568.3 million barrels. This release would be the largest-ever
since the reserve was created in 1974.
    It is unclear if other members of the International Energy
Agency, which include 29 other nations such as France, Germany
and Japan, will follow the United States. The IEA has called an
emergency meeting on Friday.
    The United States announced a release of 50 million barrels
in response to rising prices in late 2021, though an expected
move in tandem from China did not materialize. The IEA, along
with the United States, said it would release 60 million barrels
earlier this month after the Russian invasion.
    
 Year        Amount of oil        Reason for release
             released             
 2022        Estimated 180        Tight oil markets due
             million barrels of   to ongoing disruption
             oil by the United    in supply after
             States               sanctions on Russia
 2022        60 mln barrels from  Tightening oil markets
             IEA members,         after Russia invaded
             including 30 mln     Ukraine, and
             from the United      U.S./allies sanctioned
             States               Russia
 2021        50 million barrels   Concerns about higher
             from the United      prices during fragile
             States;              recovery from the worst
             undetermined amts    of the coronavirus. Not
             from India, China,   coordinated w/ IEA.
             Japan, Korea, UK     
 2011        60 million barrels,  Loss of crude supply
             with 30 mln coming   from disruptions in
             from the United      Libya and other
             States               countries
 2005        60 mln bbls, with    Supply disruptions from
             20.8 mln from the    Hurricane Katrina 
             United States        
 1991        17.3 mln U.S.        To minimize market
             barrels              disruptions during
                                  Persian Gulf War after
                                  Iraq invaded Kuwait
 
    The United States also periodically releases oil on its own,
sometimes through Congressionally legislated sales. 
    Washington has also released from its strategic reserve
through exchange agreements, similar to loans, with private
companies, often in the wake of local natural disasters. The
companies have to repay by a certain date, with additional
premium barrels as interest. 
    
 Year        Amount        Reason 
             released      
 2017        5.2 million   Supply disruptions from
             barrels       Hurricane Harvey
 2012        1 mln bbls    Supply disruptions from
                           Hurricane Isaac
 2008        5.4 mln bbls  Supply disruptions from
                           Hurricanes Gustav and Ike
 2006        750,000 bbls  Calcasieu Ship Channel
                           closure
 2006        767,000 bbls  Closure in the Sabine
                           Neches ship channel from
                           a barge accident
 2005        9.8 mln bbls  Supply disruptions from
                           Hurricane Katrina
 2004        5.4 mln bbls  Supply disruptions from
                           Hurricane Ivan
 2002        98,000 bbls   Supply disruptions from
                           Hurricane Lili
 2000        About 30 mln  To establish an emergency
             bbls          fuel source in the U.S.
                           Northeast 
 2000        1 mln bbls    Calcasieu Ship Channel
                           closure
 1999        11 mln bbls   To exchange crude grades
                           for Maya crude
 1996        900,416 bbls  ARCO Pipe Line Company
                           blockage
 
 (Reporting by Stephanie Kelly
Editing by Marguerita Choy, David Gregorio, David Evans and
Muralikumar Anantharaman)