President Joe Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday as part of a response to recent production cuts announced by OPEC+ nations, and he will say more drawdowns are possible this winter, as his administration rushes to be seen as pulling out all the stops ahead of next month's midterm elections.

Biden will deliver remarks Wednesday to announce the drawdown from the strategic reserve, senior administration officials said Tuesday on the condition of anonymity to outline Biden's plans. It completes the release of 180 million barrels authorized by Biden in March that was initially supposed to occur over six months. That has sent the strategic reserve to its lowest level since 1984 in what the administration called a "bridge" until domestic production could be increased. The reserve now contains roughly 400 million barrels of oil.

Lebanon's parliament has approved some amendments to a banking secrecy law that has been a key demand of the International Monetary Fund before it agrees to a bailout program amid the country's economic meltdown.

Despite the changes, legal advocacy groups say the alterations to the law will likely not be enough to please the IMF because it restricts moves to lift banking secrecy provisions to judicial authorities. The decades-old law is seen by many as a way to hide the widespread corruption that brought the small nation to bankruptcy over the past three years.

The Trade and Investment Facilitation (TIF) Project, funded by the United States Agency for International Development (USAID), on Tuesday launched an energy audit program in partnership with the Michel Daher Social Foundation (MDSF) for industrial facilities in Lebanon’s Bekaa region.

The 16-month long program will support 17 Bekaa manufacturers to optimize efficiency of energy consumption through conservation measures and renewable energy solutions. The partnership will include training on renewable energy technologies, along with an extensive on-site and off-site energy audit program that will identify three types of Energy Conservation Measures (ECMs). USAID, through TIF, will then support industrialists in implementing appropriate solutions to identify energy inefficiencies including the installation of renewable energy solutions.

President Michel Aoun on Tuesday told a delegation from French oil giant TotalEnergies that exploration for gas in Lebanon’s offshort Block 9 “should start quickly to make up for the time that was lost during the indirect negotiations for the demarcation of the southern maritime border.”

According to the state-run National News Agency, the delegation briefed Aoun on the procedural and administrative preparations that TotalEnergies is carrying out in Lebanon ahead of the start of exploration in Block 9.

An Iraqi investigative judge has questioned five senior tax officials over $2.5 billion in public funds that have gone missing, and more arrest warrants have been issued, authorities said Tuesday.

Credit Suisse has agreed to pay $495 million as part of a settlement with the U.S. over a yearslong dispute tied to mortgage-backed securities, an investment vehicle that played a central role in the 2008 financial crisis.

The Swiss bank said that some of the transactions were prior to 2008.

The U.K.'s new Treasury chief ripped up the government's economic plan on Monday, dramatically reversing most of the tax cuts and spending plans that Prime Minister Liz Truss announced less than a month ago and raising new questions about how long the beleaguered British leader can stay in office.

In a televised address, Chancellor of the Exchequer Jeremy Hunt said he was scrapping "almost all" of Truss' tax cuts, along with her flagship energy policy and her promise — repeated just last week — that there will be no public spending cuts.

The Lebanese pound's market value hit a record low against the dollar Monday, as the cash-strapped country plunges further into financial and political turmoil three years after its economy collapsed.

The pound sank further as the country, led by a caretaker government, heads into presidential elections next month with a divided parliament that has repeatedly failed to reach a consensus on a new leader.

Saudi Arabia has rejected US accusations of aligning itself with Russia amid the Ukraine war by making oil production cuts to drive up crude prices, insisting it was purely a business decision.

"We are astonished by the accusations that the kingdom is standing with Russia in its war with Ukraine," the Saudi defense minister, Prince Khaled bin Salman, tweeted late Sunday.

Continuing strikes at TotalEnergies group refineries in France seriously disrupted fuel supplies Friday after the left-wing CGT union rejected a deal over a pay increase that two other unions had agreed to.

The CFDT and CFE-CGC unions, which together represent a majority of the group's French workers, agreed overnight to a 7% pay rise and a financial bonus. But The CGT rejected the deal, holding out for a 10% pay rise.