President Joe Biden has directed the Department of Energy to release an additional 10 million barrels of oil from the Strategic Petroleum Reserve (SPR) in November in the wake of OPEC's decision to cut crude oil production by 2 million barrels per day.
This is in addition to 180 million barrels of oil that the Biden administration released since April.
National Security Advisor Jake Sullivan and NEC Director Brian Deese said in a joint statement that the President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Russian President Vladimir Putin's invasion of Ukraine.
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Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.