The Biden administration said on Tuesday that it will sell an additional 20 million barrels of oil from the Strategic Petroleum Reserve (SPR) as part of a previous plan to tap the facility to calm oil prices boosted by Russia's "special military operation" in Ukraine and recovering post-pandemic demand.

The administration said in late March that it would release a record 1 million barrels of oil per day for six months from the SPR, held in hollowed-out salt caverns on the coasts of Louisiana and Texas.