US President Joe Biden is preparing to announce the release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as Tuesday, Bloomberg reported on Monday, citing multiple unnamed sources.
The Biden administration has asked a wide range of countries, including China, to consider releasing stocks of crude. The White House has also repeatedly pressed the OPEC producer group – which plans to meet on Dec. 2 – to maintain adequate global supply.
Oil prices rose on Monday on reports that OPEC+ could reassess its output.
Bloomberg, citing sources familiar with the pending announcement, said this week’s likely move would probably be coordinated with similar action by India, Japan and South Korea,
Officials at the White House and the US Department of Energy did not immediately reply to requests for comment on the report.