(Bloomberg) – Oil recovered from the largest gain in 2 weeks after an announcement made by the U.S. regarding a coordinated withdrawal of strategic resources with countries that had fallen short of their expectations.

New York’s futures rose 2.3% to $78/barrel on Tuesday and traded at above $78/barrel today. To help control oil prices, the U.S. and other countries will jointly release 50 millions barrels. Although oil is expected to remain in the market, many of its buyers must return it to the reserve. However, international contributions were lower than most people anticipated.

Now, the focus is on OPEC+ and the response of the group to some of its largest customers. Prior to the announcement, the alliance stated that current market conditions make a release unjustifiable and they might have to reconsider their plans to increase supply next week at a monthly meeting.

The President Joe Biden is under increasing pressure to control rising oil prices, which could hinder recovery from the pandemic. He had previously called for OPEC+’s support to increase the supply of barrels on the market but was rebuffed. The International Energy Agency coordinated a previous effort in global coordination to tap strategic stockspiles following disruptions and unrest in Libya in 2011.

“Market attention is now firmly turned toward the OPEC+ reaction,” said Vivek Dhar, director of mining and energy commodities research at Commonwealth Bank of Australia (OTC:). “Even before the release of strategic oil stockpiles, global oil markets were poised to shift into surplus in coming months.”

The White House released a statement Tuesday stating that 32 million of the 50 million barrels will be issued by the Strategic Petroleum Reserve over the coming months. 18 million will also come from an accelerated release of previously authorized sales. According to a senior official in the administration, barrels will begin moving by mid-to late December.

India had previously said that it would be releasing 5 million barrels prior to the U.S. announcement. China didn’t disclose its contribution, but one Western official familiar with the matter said it would be in the 7 million-to-15 million barrels range. Japan will release approximately 4.2 Million barrels.

South Korea indicated that it would decide details like volume and timing following discussions with partners countries, but it suggested it could reach 3.5 million barrels. It is possible that the U.K. will contribute even less.

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