Biden to release 15 million barrels of oil from strategic reserve, with more possible

Washington — President Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday as part of a response to recent production cuts announced by OPEC+ nations, and he will say more drawdowns are possible this winter, as his administration rushes to be seen as pulling out all the stops ahead of next month's midterm elections.

Mr. Biden will deliver remarks Wednesday to announce the drawdown from the strategic reserve, senior administration officials said Tuesday on the condition of anonymity to outline Mr. Biden's plans. It completes the release of 180 million barrels authorized by Mr. Biden in March that was initially supposed to occur over six months. That has sent the strategic reserve to its lowest level since 1984 in what the administration called a "bridge" until domestic production could be increased. The reserve now contains roughly 400 million barrels of oil.

Mr. Biden will also open the door to additional releases this winter in an effort to keep prices down. But administration officials would not detail how much the president would be willing to tap, nor how much they want domestic and production to increase by to end the withdrawals.