The US and its allies are dumping some of their oil reserves on the market as prices soar after Russia invaded Ukraine.
A total of 60 million barrels are to be released, as Japanese Industry Minister Koichi Hagiuda announced on Tuesday after an extraordinary ministerial meeting at the International Energy Agency (IEA).
The USA alone wants to lift 30 million barrels of it.
Oil prices have risen to their highest levels since 2014 following Russia's invasion of Ukraine.
With the release, the increase could be dampened at least temporarily, so it is hoped.
However, despite the planned release, the price for the US grade WTI rose by 7.4 percent to $102.77 a barrel, its highest level in seven and a half years.
Despite this rally, the Opec+ oil cartel does not want to noticeably increase its crude oil production volumes, but only wants to increase them gradually, as previously agreed, two insiders told the Reuters news agency.
The OPEC countries, Russia and other oil-producing countries want to discuss their further course of action this Wednesday.
The Paris-based IEA coordinates the energy policies of the industrialized countries.
The special meeting was chaired by US Secretary of Energy Jennifer Granholm.