Allies of the United States are preparing to release 60 million barrels of oil in efforts to curb gas prices, The Wall Street Journal reported.
The 31 nations in the International Energy Agency (IEA) — which include the U.S., Australia, most of Europe, Japan, Mexico, and others — are planning for the largest release in the IEA's 47-year history at 120 million barrels, half of which will come from the U.S.
"This will supplement our 1 million barrels per day for six months and of course will serve as a bridge until the end of the year when domestic production ramps up," an anonymous official said regarding the matter, according to U.S. News & World Report.
A tweet on Wednesday from the IEA's executive director, Faith Birol, appeared to confirm the suspected release. In it, Birol tweets that "the @IEA is moving ahead with a collective oil stock release of 120 million barrels (including 60 million barrels contributed by the U.S. as part of its overall draw from its Strategic Petroleum Reserve). More details of specific contributions will be made public soon."
Additionally, President Joe Biden said he plans to release roughly 180 million barrels of oil from the U.S. Strategic Petroleum Reserve over the course of the next six months.
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