Crude oil to be released from reserve stocks

The US, in conjunction with other oil consuming nations, expects to release 2 million barrels a day of crude oil and petrol from US and international emergency government reserves to counter supply disruptions caused by Hurricane Katrina, administration officials said today.

The move reflects a much broader use of the US strategic petroleum reserves and opens the way for millions of gallons of petrol imports from European government stockpiles to try to stem soaring petrol prices in the US.