Sources tell CNBC that President Joe Biden will announce an additional release of crude oil from the Strategic Petroleum Reserve on Wednesday.
The current SPR delivery program began this spring and will continue through December.
The EU embargo on Russian oil is set to go into effect on December 5, and the White House wants to make sure the oil market doesn't get too crazy.
A pipeline at the Federal Strategic Petroleum Reserve in Beaumont, Texas.
The White House has released 165 million barrels of crude from the SPR so far this year out of a total of 180 million. An additional 10 million to 15 million barrels will be announced on Wednesday.
The White House and Energy Department didn't reply to questions.
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