Biden administration plans to make available 15 million barrels of oil from its reserves

Biden administration is reportedly planning to make 15 million barrels of oil available from the strategic petroleum reserve.

Biden will announce new actions to strengthen U.S. energy security, stimulate production and reduce costs on Wednesday, the White House said in a statement. In this context, the Energy Ministry will issue a sale notice on Wednesday for 15 million barrels from the strategic petroleum reserve for delivery in December, the statement said.

The statement said the sale would complete the decision taken in March to release over 180 million barrels of oil adding that Biden would call on the Ministry of Energy to be ready for additional sales from the strategic petroleum reserve this winter, if necessary.

The statement also noted that Biden would announce the planned implementation of oil repurchase for the strategic petroleum reserve when oil prices fell to the December range of 67-72 dollars per barrel or below.