The decision by OPEC Plus, constituting oil-producing nations such as Saudi Arabia and Russia, to cut production to stabilize petrol prices has angered the US. In response, reports suggest that the United States has taken a decisive decision to release 14 million barrels of oil from strategic reserves. International media reports that President Joe Biden will make an announcement about this this week.

Rising fuel prices in the United States and criticism from opposition parties have prompted Biden to open up reserves. This is the second time this year that the United States has turned to its oil reserves. 14 million barrels of oil were released into the market last May as well. The United States has 180 million barrels of oil reserves.

The embargo on Russian oil by the United States and its allies has led to an increase in oil prices worldwide. If oil prices continue to rise in the coming months, Biden may be forced to take drastic measures, including reopening reserves again.