Key facts
- The U.S. is offering another 17 million barrels of crude from the Strategic Petroleum Reserve.
- The SPR currently holds about 283 million barrels.
- Commercial inventories have declined by over 51 million barrels in the past 26 weeks.
The United States is releasing an additional 17 million barrels of crude oil from its Strategic Petroleum Reserve as global governments intensify efforts to stabilize a tight market. This move follows the International Energy Agency's decision to accelerate emergency stock releases. The Department of Energy issued a request for proposals on Friday for the exchange of these barrels, part of a larger commitment of 172 million barrels. The SPR currently holds approximately 283 million barrels, and if all 17 million are taken, inventories would fall within the operational minimum zone. However, previous attempts to release similar quantities at a premium repayment rate saw limited uptake.