The International Energy Agency (IEA) has confirmed it will release 120 million barrels of oil.
It has also been reported that Japan will also release 15 million barrels of oil from state and private reserves.
The move aims to ease energy price hikes which have been intensified after Russia-Ukraine war.
Dr Fatih Birol, Executive Director of the IEA said: “The IEA is moving ahead with a collective oil stock release of 120 million barrels, including 60 million barrels contributed by the US as part of its overall draw from its Strategic Petroleum Reserve.”
The head of the agency added that more details of specific contributions will be made public soon.