After failing to persuade Saudi Arabia to suspend OPEC oil production, the United States is said to be releasing oil from its emergency reserves.
With an expected release of at least 10 million to 15 million barrels, the Biden administration is expected to make an announcement about it this week.
This move aims to balance the market and keep petrol prices from rising further.
Earlier, the United States had asked OPEC leader Saudi Arabia to delay its oil production decision for a month.
However, the request was rejected by Saudi Arabia, which said the action could have a negative impact on the economy.
In the meantime, the US is also said to provide details on plans to replenish emergency stocks.
The Department of Energy announced in May that it was planning a new buyback method to allow for a competitive fixed-price bidding process.
Earlier, the United States had asked OPEC leader Saudi Arabia to delay its oil production decision for a month.
However, the request was rejected by Saudi Arabia, which said the action could have a negative impact on the economy.
At the time of writing, Brent oil futures were trading steady at around $92 a barrel and US WTI was little changed at $86 a barrel.
