Four sources told Reuters that the US administration is considering a decision to release a total of 180 million barrels over several months from the US Strategic Petroleum Reserves (SPR).

By taking such an action, the US may be able to assert more control on oil prices which jumped over $100 per barrel since the Russian invasion of Ukraine.

This amount of oil release is equivalent to about two days of the global demand. It would be the third time for the US to withdraw from its strategic reserves during the past six months and would be the largest in the last 50 years of the SPR history, Reuters stated.