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US set to release oil from reserve, will partner with India and others

The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by major oil consumers to tame prices.

Annmarie Hordern, Ari Natter and Jennifer A. Dlouhy | Bloomberg

The amount of crude production that OPEC theoretically holds offline is based on questionable figures. (Photo: Bloomberg)

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OPEC+ countries rebuff US calls to significantly boost production.. (Photo: Bloomberg)

4 min read Last Updated : Nov 23 2021 | 6:17 AM IST

President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve 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 U.S. calls to significantly boost production. China said it’s working to release some oil from its strategic reserves, days after the U.S. invited it to participate in a joint sale.

The situation remains in flux and the plans could change but the U.S. 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.