In Washington According to people familiar with the plan, President Joe Biden will announce on Wednesday the release of an additional 10 million to 15 million barrels of crude oil from the Strategic Petroleum Reserve.
According to the sources, the action aims to extend the current SPR distribution programme, which started this spring, through December.
The White House announcement is meant to lessen some of the anticipated volatility in the oil market resulting from the implementation of the EU embargo, which is planned to take effect on December 5th.
Out of a total it predicted would be around 180 million, the White House has released roughly 165 million barrels of crude from the SPR so far this year. The discharge would be completed if a further 10 million to 15 million barrels were announced on Wednesday.
Requests for comment from the White House and the Energy Department went unanswered.