The US Department of Energy has released 17.5 million barrels of crude oil from the US Strategic Petroleum Reserve (SPR) between the week ending March 20 and April 24, according to data from the US Energy Information Administration.
The largest weekly draw came in the week ending April 24, when 7.1 million barrels were released — the biggest since October 2022. Total SPR inventories now stand at 397.9 million barrels.
The release forms part of a broader US plan to inject 172 million barrels into the market, coordinated with the International Energy Agency. In total, around 400 million barrels of crude oil and refined products are being made available globally to counter supply disruptions linked to tensions in the Middle East.
The current mechanism is structured as an exchange rather than a sale, meaning volumes must be returned to the SPR at a later date, along with additional barrels.
Established in the 1970s following oil supply shocks, the SPR remains the world’s largest emergency crude stockpile, with a maximum storage capacity of 714 million barrels across four Gulf Coast sites.
