"Right now, we're going to reduce the oil reserve a little bit, and that's going to bring the price down," Trump said in an interview with a local television station in Cincinnati.
The move comes after Western countries in the International Energy Agency (IEA), of which the United States is a member, decided to release 400 million barrels of crude oil from their reserves to dampen price increases in the wake of a conflict involving Iran.
The US Strategic Petroleum Reserve currently holds around 415 million barrels, about half of its total storage capacity, as former President Joe Biden gradually reduced the stockpile during his term in office.
