U.S. President Joe Biden is scheduled to speak on Thursday, and in particular, he will talk about a plan to curb the sharp rise in oil prices, including the release of about 1 million barrels of oil per day from the strategic reserve for several months, CNBC writes.

Biden is considering releasing up to 180 million barrels from the country’s Strategic Petroleum Reserve (SPR), which, however, would only help the oil market rebalance in 2022, but would not eliminate the structural deficit that has been building for years, according to Goldman Sachs (NYSE:GS) commodities analysts.

May Brent crude futures fell 3.7% to $109.21 a barrel on Thursday, reversing earlier losses. U.S. WTI crude futures for delivery in May fell about 4.6% to $102.89 per barrel.

At the same time, gasoline prices jumped in the West, particularly in the U.S., amid a shortage of Russian oil due to sanctions against the country. Russia is the second largest oil exporter in the world, and the unprecedentedly punitive international sanctions against it have interrupted oil supplies to the market.

Analysts believe lower oil prices in 2022 will support demand while slowing the acceleration of U.S. shale production, leading to a shortage in 2023 and a likely need to replenish the country’s reserves.

The International Energy Agency will hold an emergency meeting on Friday to discuss oil supply concerns, while the OPEC+ group will also meet on Thursday and is expected to maintain the existing deal to gradually increase production.