US poised to release oil from reserve with other nations

US poised to release oil from reserve with other nations

President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve (SPR) in concert with several other countries as soon as Tuesday, according to people familiar with the plan.

The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by major oil consumers to tame prices after OPEC+ countries rebuffed US calls to significantly boost production. China said it’s working to release some oil from its strategic reserves, days after the US invited it to participate in a joint sale.

The situation remains in flux and the plans could change but the US is considering a release of more than 35 million barrels over time, according to two of the people. The pending announcement was described by people who requested anonymity prior to official statements.