Joe Biden to release 15 million barrels from oil reserve, more possible

President Joe Biden will announce the release of 15 million barrels of oil from the US strategic reserve Wednesday as part of a response to recent production cuts announced by OPEC+ nations, and he will say more oil sales are possible this winter, as his administration rushes to be seen as pulling out all the stops ahead of next month’s midterm elections.

Biden will deliver remarks Wednesday to announce the drawdown from the strategic reserve, senior administration officials said Tuesday on the condition of anonymity to outline Biden’s plans. It completes the release of 180 million barrels authorised by Biden in March that was initially supposed to occur over six months.