US releases 92.5 million more barrels from strategic reserves

WASHINGTON, D.C., May 1, 2026 – The US Department of Energy (DOE) has issued a new request for proposal for up to 92.5 million barrels from the country’s Strategic Petroleum Reserve (SPR) to alleviate oil supply tightness in the wake of the US-Israeli war on Iran, the DOE announced on Thursday.

The move is the latest step in the implementation of a 172-million-barrel release by President Donald Trump’s administration under a broader 400-million-barrel crude injection co-ordinated by International Energy Agency (IEA) member countries.

In March, the DOE awarded contracts for the delivery of 45.2 million barrels from the SPR to oil companies and traders.

Crude under the DOE’s exchange will be sourced from the Bayou Choctaw, Bryan Mound, Big Hill and West Hackberry SPR sites on the US Gulf coast.

“These actions help move oil quickly into the market, address short-term supply pressures, and ensure that the SPR remains strong through the return of premium barrels,” said Kyle Haustveit, DOE Assistant Secretary for the Hydrocarbons and Geothermal Energy Office.

As with previous exchanges, participating companies are required to return the borrowed crude volumes together with a premium payment in the form of additional barrels. The DOE said previous exchanges achieved a 24% premium on returned oil, effectively increasing the overall size of the reserve.

The latest tender builds on three earlier emergency releases, which together resulted in the allocation of around 80 million barrels. Officials described the current programme as the largest and fastest series of SPR exchanges undertaken in the reserve’s 50-year history.

The DOE said the measure is intended to accelerate the flow of crude into the market to address short-term supply disruptions while reinforcing energy security domestically and among allied nations. Bids from participating companies are due by May 4, 2026.

Photo courtesy of the US Department of Energy

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