The United States will release 172 million barrels of oil from the Strategic Petroleum Reserve beginning next week as part of a coordinated effort announced Wednesday, March 11, in a statement issued by U.S. Secretary of Energy Chris Wright.
Wright said 32 member nations of the International Energy Agency had unanimously agreed to President Donald Trump’s request for a coordinated release of 400 million barrels of oil and refined products from their respective reserves. He said the U.S. share of that effort would come from the SPR and would take about 120 days to deliver based on planned discharge rates.
According to the statement, Trump authorized the release as part of an effort the administration says will lower energy prices while maintaining U.S. energy security. Wright said the United States has arranged to replace the released oil with about 200 million barrels within the next year, which he said would amount to 20% more than the volume being drawn down.
The statement also criticized the previous administration’s handling of the reserve, saying it had left America’s oil reserves “drained and damaged.” Wright did not provide additional operational details in the statement posted by the department.
Wright also linked the move to long-running tensions involving Iran and its proxies, saying they had threatened the energy security of the United States and its allies for decades. He said those threats were coming to an end under Trump.
The department said the release would begin next week. No further details were included in the statement.
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