Turning crude oil into gasoline could be a challenge as the massive release of U.S. oil reserves seeks to stabilize oil prices, industry says


On March 31, the United States announced that it would release 1 million barrels per day of crude oil from its strategic reserve for six months starting from May, equivalent to a total release of 180 million barrels of crude oil.International oil prices fell sharply on the news, with Brent crude trading at $103.30 a barrel by 3 p.m., down 2.00% on the day.Peter McNally, global head of the IME industry, says turning the crude oil into gasoline could be a challenge.

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