Energy Department Initiates Strategic Petroleum Reserve Emergency Exchange to Stabilize Global Oil Supply

Energy Department Initiates Strategic Petroleum Reserve Emergency Exchange to Stabilize Global Oil Supply WASHINGTON - The U.S. Department of Energy (DOE) today issued a Request for Proposal (RFP) for a crude oil exchange from the Strategic Petroleum Reserve (SPR) as part of the 172-million-barrel exchange announced earlier this week. This first RFP will be for 86 million barrels of crude oil. Under the terms of the exchange, companies will return the borrowed oil to DOE with additional barrels as a premium, strengthening the Strategic Petroleum Reserve while stabilizing markets at no cost to American taxpayers. Early deliveries are expected to begin moving to market by the end of next week. Barrels will be made available from the SPR’s Bryan Mound, West Hackberry, and Bayou Choctaw. Return barrels will be delivered back to DOE on a schedule designed to protect commercial markets and the American people, while ensuring the reserve remains a critical national security asset. “Today’s action reflects President Trump's continued commitment to safeguarding U.S. energy security and contributing constructively to global market stability,” said Kyle Haustveit, Assistant Secretary of the Hydrocarbons and Geothermal Energy Office. “By participating in the coordinated international release, we are helping ensure that supply remains reliable during a period of heightened global uncertainty. We will continue to work closely with our partners to support a resilient energy system while maintaining the long‑term strength and readiness of the Strategic Petroleum Reserve.” The exchange is part of a coordinated international effort requested by President Trump, in which International Energy Agency member nations agreed to release 400 million barrels of oil from strategic reserves. The action comes as global oil supply routes face disruption from escalating tensions in the Middle East and attacks carried out by Iran and its proxies, threatening the reliable flow of energy through critical maritime corridors. Today, the SPR holds approximately 415 million barrels, up from roughly 395 million barrels one year ago. The Trump Administration continues to pursue additional opportunities to strengthen the reserve and restore its long-term readiness as a cornerstone of American energy security. Bids for the solicitation are due no later than 5:00 P.M. CT on Tuesday, March 17, 2026. For more information on the SPR, please visit DOE’s website.