US to release 50 mn barrels of oil from emergency reserve: White House

India will release 5 million barrels of oil from its strategic reserves in coordination with other buyers including US, others

The United States will release 50 million barrels of crude from the U.S. Strategic Petroleum Reserve to help cool oil prices, that will start hitting the market in mid- to late-December, the White House said on Tuesday.

The release, will take the form of a loan and a sale, and was being in made concert with other releases from strategic reserves by China, India, South Korea, Japan and Britain, senior Biden administration officials said.

It was the first time the United States has coordinated releases with some of the world's largest oil consumers, the officials said.

India willl release 5 million barrels of oil from its strategic reserves in coordination with other buyers including the United States, China, Japan and South Korea, a government statement said on Tuesday.

The move is part of efforts led by US President Joe Biden's for a coordinated release of stockpiles, seen as a warning to the OPEC+  to pump more oil to tackle rising inflation in major economies like the United States, China and others.