Bloomberg News Now March 11, 2026: Wright on US Oil Plan, Oil Supply Fears Persist, More
Mar 12, 2026
Discussion of a massive U.S. Strategic Petroleum Reserve release and a coordinated global oil-stock unwind. Coverage of supply risks from attacks and Strait of Hormuz disruptions. Debate over using the Defense Production Act to boost offshore output and concerns about who benefits. Briefs on new trade probes, Netflix buying AI filmmaking tools, and tense confirmation hearing previews.
AI Snips
Chapters
Transcript
Episode notes
IEA Coordinates 400 Million Barrel Release
- The International Energy Agency coordinated a 400 million-barrel release with allied nations to offset supply disruption.
- Despite releases, closure of the Strait of Hormuz — handling ~20% of seaborne oil — remains the core supply risk.
Strait Of Hormuz Attacks Raise Supply Closure Risk
- Attacks and suspected mine-laying in the Strait of Hormuz and Iraqi waters have forced terminal suspensions and evacuations.
- U.S. intel says Iran is using small craft to place two to three mines each, and three vessels were hit by projectiles.
Use DPA To Speed Offshore Production
- The administration will invoke the Defense Production Act to override state rules and speed offshore oil permitting.
- The move targets restarting Sable Offshore Corporation production off Southern California to boost domestic supply quickly.