Washington: US President Donald Trump stated he will release strategic oil reserves to stabilize rapidly rising prices, asserting that the reserves would be replenished afterwards, German Press Agency (dpa) reported. "We'll do that, and then we'll fill it up," Trump mentioned to news station Local 12, indicating the move aims to reduce prices.

According to BERNAMA News Agency, the International Energy Agency (IEA) had earlier declared it would release a record amount of oil into global markets. The 32 member countries, including the United States, plan to release a total of 400 million barrels of crude, as per an IEA statement.

The US Department of Energy has announced its plan to release 172 million barrels starting next week over a period of roughly four months. The government states that the US strategic petroleum reserve is the world's largest emergency stockpile of crude oil, established primarily to mitigate the effects of supply crises and fulfill international obligations.