U.S. Strategic Petroleum Reserve Ships 9.9 Million Barrels, Hitting 374 Million-Barrel 2-Year Low
Updated
Updated · Reuters · May 18
U.S. Strategic Petroleum Reserve Ships 9.9 Million Barrels, Hitting 374 Million-Barrel 2-Year Low
4 articles · Updated · Reuters · May 18
A record 9.9 million barrels left the U.S. Strategic Petroleum Reserve last week, cutting the emergency stockpile to about 374 million barrels, its lowest level since July 2024.
The drawdown is part of the Trump administration's push to release 172 million barrels under a global effort to cool oil prices after the U.S.-Israeli war with Iran began nearly three months ago.
The Energy Department had offered 92.5 million barrels from four Texas and Louisiana storage caverns in April, and awarded 53.33 million barrels last week — the largest volume this year.
Commercial inventories are also tightening: the IEA said observed global oil stocks fell by a record 246 million barrels in March and April as the Iran war and effective closure of the Strait of Hormuz squeezed supply.
Beyond gas prices, how is the Mideast oil war creating a global food security crisis?
With the SPR at historic lows, are we risking long-term security for short-term price relief?
U.S. Strategic Petroleum Reserve at 392.7 Million Barrels: Risks, Market Impact, and the Urgent Challenge of Replenishment
Overview
The U.S. Strategic Petroleum Reserve (SPR) has reached its lowest inventory level since November 2024, holding 392.7 million barrels as of May 1, 2026, after a release of 5.2 million barrels that week. This record drawdown leaves the SPR 332.8 million barrels below its maximum capacity. Global markets are closely watching this trend, as SPR releases are intended to ease upward pressure on oil prices and provide relief to the global oil market, especially amid geopolitical uncertainties and rising summer demand. These actions highlight the SPR's critical role in stabilizing energy markets during times of supply stress.