WASHINGTON — President Joe Biden will announce an additional release of crude oil from the Strategic Petroleum Reserve on Wednesday in the range of 10 million to 15 million barrels, sources familiar with the plan told CNBC.
The move aims to extend the current SPR delivery program, which began this spring, through December, the sources said.
The European Union embargo on Russian oil is scheduled to go into effect on Dec. 5, and the White House release is intended to offset some of the expected volatility in the oil market stemming from the implementation of the EU embargo.
So far this year, the White House has released about 165 million barrels of crude from the SPR, out of a total that it said would be around 180 million. The announcement of an additional 10 million to 15 million barrels on Wednesday would represent the culmination of the current release.
The White House and Energy Department did not respond to requests to comment.