US Releases Final 40 Million Barrels from Strategic Oil Reserve
The US government has offered energy companies access to up to 40 million barrels of crude oil from its Strategic Petroleum Reserve (SPR), marking the final phase of an international agreement to release emergency stockpiles following the Iran conflict.
As part of a wider initiative involving around 30 countries under the International Energy Agency (IEA), the US had committed to provide 172 million barrels from its strategic reserves, with nearly 400 million barrels released globally to ease pressure on oil supplies.
The latest offer comes as the US SPR has declined below 284 million barrels, its lowest level since 1982. Both the Trump administration and the Biden administration have drawn from the reserve in response to energy market disruptions.
Energy Secretary Chris Wright said the US and Japan had completed their commitments under the programme, with some European countries releasing only a limited portion of the crude and petroleum products they had pledged.