The US will release 50 million barrels of crude from its Strategic Petroleum Reserve in concert with China, Japan, India and South Korea, the White House said in a statement -- an unprecedented, coordinated attempt by three of the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC .

The decision to collectively discharge stockpiled crude after OPEC countries rebuffed calls to significantly boost production marks a diplomatic win for the US and a challenge to the grip that Saudi Arabia, Russia and other OPEC producers have on the market.

(With inputs from agencies)