The announcement comes a day after the U.S. Energy Department said that the U.S. would be releasing 172 million barrels of oil from the strategic petroleum reserve in an effort to curb sky-rocketing oil prices in the wake of the war in Iran.

The U.S. temporarily allows India to purchase stranded Russian oil to mitigate global supply issues amid the Iran conflict.

The U.S. has temporarily authorized the purchase of Russian oil stranded at sea to stabilize energy markets.