China, India, Japan, South Korea and the UK are also expected to announce releases of crude reserves.
Oil fell after the US announced a release from its emergency reserve – along with several of the world’s largest consumers – in an effort to cool petrol prices and curb rising inflation.
The world’s largest economy is exploiting its Strategic Petroleum Reserve after rising energy prices to multi-year highs, with a global energy crisis exacerbating oil market shortages. China, India, Japan, South Korea and the United Kingdom will also make announcements, according to the White House.
Last month, US President Joe Biden urged other oil-consuming countries to exploit their oil reserves after the OPEC + coalition rejected requests to increase production. The US will release 50 million barrels, of which 18 million will be accelerated pre-approved sales, while 32 million will be exchanges over the coming months.