UK will join US in strategic oil reserves release - report

The UK will reportedly join the US in releasing more oil from its reserves as part of a joint effort to lower prices and reduce reliance on Russian supplies.

According to Bloomberg, an announcement is likely on Friday via the International Energy Agency. Sources declined to say the size of the release, citing market sensitivity and the need for countries to act in concert.

US President Joe Biden said on Thursday that his plans to release 1m barrels of oil a day for six months would lay the foundations for the US to achieve energy independence from foreign suppliers.

He also said that he expects allies to release as many as 50m barrels from their own stocks.