US Energy Secretary Wright stated that the United States plans to add 40 million barrels to the Strategic Petroleum Reserve (SPR) once the conflict with Iran concludes. The SPR has recently seen significant releases amid the ongoing crisis.
SPR levels and recent releases
As of the week ending May 29, 2026, the SPR stood at 357.1 million barrels after an 8 million barrel release. This marks the lowest level since January 2024. Earlier in May, the reserve experienced record drawdowns, with releases of 9.92 million barrels and 8.6 million barrels in consecutive weeks. These actions are part of a coordinated effort with the International Energy Agency (IEA) to release a total of 400 million barrels globally to address supply disruptions caused by the Middle East conflict.
Historical context of the SPR
The SPR’s trajectory over recent administrations shows significant shifts. During President Trump’s first term (2017–2021), the reserve declined gradually from about 660 million barrels to 638 million barrels due to congressionally mandated sales. Under President Biden (2021–2025), the SPR saw an unprecedented drawdown starting in early 2022, dropping from approximately 638 million barrels to a 40-year low near 347 million barrels by late 2022. This reduction was largely in response to Russia’s invasion of Ukraine and efforts to manage energy prices. A slow refill followed, bringing the reserve back to around 392 million barrels by the end of Biden’s term.
President Trump’s second term began with a pledge to refill the SPR to capacity. The reserve increased to about 415 million barrels by early 2026. However, the outbreak of the Iran conflict in late February triggered emergency releases coordinated with the IEA, reducing the SPR to its current level of approximately 357 million barrels. This has erased much of the refill progress made during the early part of Trump’s term.
The SPR now sits at roughly half of its all-time high of 726.6 million barrels. The recent releases and ongoing crisis have reversed previous gains and lowered the reserve below levels seen on Trump’s inauguration day.
Secretary Wright’s announcement signals a commitment to rebuild the SPR by 40 million barrels once the situation in Iran stabilizes. This plan follows a period of significant drawdowns aimed at mitigating global oil supply disruptions.
You can access our other news about commodities and global market developments here.
