The US is in the process of releasing 172 million bbl of crude oil from the US SPR. The US SPR release is part of a coordinated effort with the International Energy Agency (IEA) to release 400 million bbl of crude oil and refined products globally to address disruptions in oil supply stemming from the conflict in the Middle East. The EIA's recent Today in Energy analysis explores the strategic oil inventory levels in other countries before the release announcement.
The US SPR release is structured as an exchange, which requires the original volume of oil, plus additional barrels, to be returned to the SPR within one year.
The SPR was established in the 1970s to reduce the effects of unexpected oil supply disruptions. The reserve has an authorised storage capacity to hold up to 714 million bbl of crude oil across four storage sites along the Gulf of America, where much of the US petroleum refining capacity is located. The EIA surveys SPR inventory levels each week in the Weekly Petroleum Status Report.