US Rules Out Additional Strategic Petroleum Reserve Releases

The United States has no current plans to release more oil from the Strategic Petroleum Reserve (SPR) beyond the already-committed 172 million barrels, according to Department of Energy (DoE) Assistant Secretary Kyle Haustveit. Speaking at the Offshore Technology Conference in Houston, Haustveit stated, "No plan at this time," when asked about further releases. He noted that the private sector has already seen multiple companies announce production increases in recent days, though he declined to speculate on 2026 production levels, emphasizing that operators make individual financial decisions based on their unique circumstances.

Context of the 172 Million-Barrel Release

The 172 million barrels were part of a global 400 million-barrel delivery coordinated by the International Energy Agency (IEA) in March, following oil price surges after the US and Israel's conflict with Iran began on February 28. Haustveit highlighted that the ongoing swap mechanism is designed to eventually refill the SPR, as purchasers are required to return additional barrels beyond those lent to them.

Contracting Progress and Financial Impact

So far, 80 million of the 172 million barrels have been contracted, which will net an additional 20 million barrels for the SPR once buyers return the favor. Using a $75 futures price point as an example, Haustveit estimated this would capture about $1.5 billion in value for taxpayers at no cost. He described this as encouraging for both addressing near-term supply challenges and achieving the president's long-term goal of filling the SPR without taxpayer expense. The remaining 92.5 million barrels went up for bid last week.