The United States may release up to 92.5 million barrels of crude oil from its Strategic Petroleum Reserve (SPR). The move is part of the Department of Energy’s 172-million-barrel release announced by President Trump in March and aligns with the 400-million-barrel release by the International Energy Agency (IEA) nations.
Participating companies will return the 92.5-million-barrels with additional premium barrels.
“With today’s announcement, we are issuing an additional exchange to continue the President’s commitment to the coordinated release,” said DOE Assistant Secretary for the Hydrocarbons and Geothermal Energy Office Kyle Haustveit. “These actions help move oil quickly into the market, address short-term supply pressures, and ensure that the Strategic Petroleum Reserve remains strong through the return of premium barrels.”
According to data from the International Energy Agency, the U.S. released 17.5 million barrels of crude oil between March 20 and April 24.
In March, the Department of Energy explained that the 172 million oil barrels would take about 120 days to deliver. “President Trump promised to protect America’s energy security by managing the Strategic Petroleum Reserve responsibly and this action demonstrates his commitment to that promise,” Energy Secretary Chris Wright said.
“Unlike the previous administration, which left America’s oil reserves drained and damaged, the United States has arranged to more than replace these strategic reserves with approximately 200 million barrels within the next year—20% more barrels than will be drawn down—and at no cost to the taxpayer,” he said, adding, “For 47 years, Iran and its terrorist proxies have been intent on killing Americans. They have manipulated and threatened the energy security of America and its allies. Under President Trump, those days are coming to an end.”
