U.S. could tweak timing of oil stockpile release if prices fall -official

Turk added that other consumer nations that had agreed to release strategic reserves in concert with the United States to tame prices could also adjust their timing, if needed.

He also said the administration has had discussions internally and with members of Congress about the merits of banning crude oil exports.

"I think each country will make decisions based on what's useful and good for their consumers and based on where the price is," he said.

The administration of President Joe Biden had announced last month that it would release 50 million barrels from the U.S. Strategic Petroleum Reserve, alongside smaller releases from China, India, Japan, South Korea and Britain, to help lower consumer energy costs.

The unusual agreement was designed to tame soaring energy prices after the OPEC producer group and its allies rebuffed repeated requests from Washington and other consumer nations to pump more quickly to match rising demand as the world began to exit the pandemic.

Oil prices have since declined, however, amid worries that the new Omicron variant of the coronavirus will spread and trigger extensive lockdowns, reducing global energy demand.

After Turk's comments, U.S. oil prices were trading at $65.69 a barrel, down 49 cents.

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