On Wednesday, March 11, 2026, the Trump administration announced it will release 172 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR). This massive drawdown is part of a coordinated global effort with the International Energy Agency (IEA), whose 32 member nations agreed to release a total of 400 million barrels to stabilize energy markets.
Key Details of the Release
Timeline: Deliveries are scheduled to begin next week and will take approximately 120 days (roughly four months) to complete.
Objective: The move aims to combat soaring energy prices and supply shocks triggered by the U.S.-Israel war with Iran, which has seen threats to oil shipments in the Strait of Hormuz.
Current SPR Status: Before this release, the SPR held about 415 million barrels, roughly 58% of its 714-million-barrel capacity. This drawdown will bring the reserve to its lowest operational level in history.
Replenishment Plan: Energy Secretary Chris Wright stated the U.S. has arranged to replace these reserves with approximately 200 million barrels over the next year—roughly 20% more than the amount being withdrawn.
Context and Impact
This is the second-largest SPR release in U.S. history, trailing only the 182-million-barrel release authorized by the Biden administration in 2022. Despite the announcement, oil prices remained volatile, with Brent crude approaching $100 a barrel as the conflict in the Middle East continues to disrupt global shipping lanes.