President Biden said on Wednesday he would release 10 million barrels of oil from the US Strategic Petroleum Reserve SPR in November in a move to counter rising gas prices.
It was announced just hours after the Organization of the Petroleum Exporting Countries said it would reduce oil production by 2 million barrels a day.
The cuts will restore the oil market for top producers like Saudi Arabia and Russia, but are also expected to cause costs at the pump worldwide.
Biden tries to circumvent the spike in gases prices expected to hit the market in time for the midterm elections, but may not prove all that effective.
In March, Biden said he would release 1 million barrels of oil a day to counter record high gas prices amid a global economic recession, inflation and disruption to the market caused by the war in Ukraine.
The release of roughly 180 million barrels of oil from the U.S. petroleum reserves was expected to be completed on October 31.