The United States is considering releasing 180 million barrels of oil over a period of several months from the U.S. Strategic Petroleum Reserve, two sources said on Wednesday, which would mark the third time the Biden administration has tapped the reserve in the last six months.
Oil prices have rocketed higher in recent weeks, with the Brent benchmark surging at one point to $139 a barrel earlier in March after Russia's invasion of Ukraine and subsequent sanctions slapped on the nation by the United States and allies.
The U.S. Strategic Petroleum Reserve currently stands at 568.3 million barrels. This release would be the largest-ever since the reserve was created in 1974.
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