Skip to content

Biden Orders Release of U.S. Oil Reserves in Challenge to OPEC+

  • Release planned with China, Japan, India, South Korea, U.K.
  • Oil market response muted after smaller-than-expected move
Video player cover image
Biden Taps U.S. Oil Reserves in Coordinated Multi-Nation Release
Updated on

The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India, South Korea and the U.K. -- an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices that risks a backlash by OPEC+.

But the oil market was initially underwhelmed by the details of the package -- much of the oil will need to be returned to the stockpile by the refiners who buy it, and international contributions were smaller than many expected. After an initial dip in prices, oil gained more than a $1 a barrel.