DOE: 17.5M Bbl Released From SPR Stocks Since March

SECAUCUS, NJ (DTN) – The Department of Energy has released 17.5 million bbl of crude oil from the Strategic Petroleum Reserve between March 20 and April 24, the U.S. Energy Information Administration announced Thursday (4/30).

The drawdowns were part of a coordinated global effort to address market disruptions caused by ongoing conflict in the Middle East.

Data from the Weekly Petroleum Status Report shows 7.1 million bbl were released during the week ending April 24. This figure represents the largest weekly volume moved from the reserve since October 2022 and leaves current SPR stocks at 397.9 million bbl.

The current activity is part of a broader plan to release 172 million bbl from U.S. reserves. This initiative aligns with International Energy Agency members who have pledged to release a combined 400 million bbl of crude and refined products to address supply disruptions related to the Middle East conflict.

The releases are structured as exchanges, requiring borrowers to return the original volume plus additional premium barrels within one year. The SPR maintains an authorized capacity of 714 million bbl across four storage sites located along the Gulf Coast.