Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, told Reuters on Monday that it is up to the US administration to decide whether to draw crude oil from its Strategic Petroleum Reserve (SPR).

In a coordinated effort with other major oil-consuming nations, US President Joe Biden indicated at the end of November that the Department of Energy will release 50 million barrels of oil from the SPR to cut high gasoline prices. The US SPR will be released in tandem with other major energy-consuming nations like China, India, Japan, South Korea, and the United Kingdom, according to the White House at the time.

The SPR announcement was essentially priced in by oil market participants, and it hasn’t resulted in a major reduction in gasoline prices in the United States, which hit a seven-year high in the autumn.

Sources familiar with the talks told Reuters last week that China and the US have agreed to release crude from strategic reserves around the Lunar New Year holiday on February 1, as part of a larger US-led plan to lower oil prices through strategic releases. After last week, China failed to cut oil prices.