WASHINGTON — President Joe Biden will announce an extra release of crude oil from the Strategic Petroleum Reserve on Wednesday within the range of 10 million to fifteen million barrels, sources conversant in the plan told CNBC.
The move goals to increase the present SPR delivery program, which began this spring, through December, the sources said.
The European Union embargo on Russian oil is scheduled to enter effect on Dec. 5, and the White House release is meant to offset among the expected volatility within the oil market stemming from the implementation of the EU embargo.
Up to now this yr, the White House has released about 165 million barrels of crude from the SPR, out of a complete that it said could be around 180 million. The announcement of an extra 10 million to fifteen million barrels on Wednesday would represent the culmination of the present release.
The White House and Energy Department didn’t reply to requests to comment.