U.S. Department of Energy said Thursday it released 17.5 million barrels of crude oil from the nation’s strategic petroleum reserve between March 16 and April 24. DOE said the release included 7.1 million barrels last week – the most since the week ending Oct. 7, 2022. Stocks at the four SPR sites currently are 397.9 million barrels.
U.S. is in the process of releasing 172 million barrels of crude oil as part of a coordinated effort with the International Energy Agency and about 30 nations to release 400 million barrels of crude oil and refined products globally to address disruptions in oil supply resulting from the U.S.-Israeli war in Iran.
DOE said the SPR release is structured as an exchange that requires the original volume of oil plus additional barrels to be returned to the SPR within a year. Thursday the Trump administration said it seeks to loan up to 92.5 million barrels of crude oil. The reserve has an authorized storage capacity of 714 million barrels of crude oil at storage sites in Texas and Louisiana “along the Gulf of America where much of the U.S. petroleum refining capacity is located.”
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