(Bloomberg) US officials are targeting about one million barrels of oil every day from its strategic reserves to combat rising prices.
The officials reportedly target up to a total of 180 million barrels as supply shortage causes a rise in gasoline prices following the Russian invasion of Ukraine.
The US’s plan is also accompanied by a push for the coordinated release of crude by other countries through the International Energy Agency.
The announcement, which could come as soon as Thursday, comes amid the rejection of calls for more oil by the OPEC+. The oil cartel has insisted that there is no shortage of crude in the market and is set to meet on Thursday, where they are expected to announce a modest output hike.
The move by Washington happens when the administration is under pressure to combat the rising inflation ahead of the midterm elections in November.
The White House has, in the past six months, ordered the release of a total of 80 barrels, consisting of 50 million barrels in November and another 30 million barrels this month. The total amount of crude reserves as of March 25 was 569 million barrels.
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