Trump Administration Pledges to Replace SPR Oil at 2-for-1 Ratio After Recent Withdrawals

The Trump administration will replace every barrel of oil withdrawn from the Strategic Petroleum Reserve during the current emergency drawdown and add extra volumes on top, Energy Secretary Chris Wright said at an event on Friday. 2 barrels to the SPR for every barrel taken out now. "We'll leave it fuller than when we started," he said.

No further details as to the timing of the SPR restock were offered by Energy Secretary Chris Wright. The SPR currently sits around 384 million barrels according to the latest EIA data. Inventories have dropped back below 385 million barrels since late March 2026 after falling sharply in recent weeks as of May 15, 2026.

The decline totals roughly 30 million barrels in that period. com reported that governments generally prefer buying oil when prices are lower and that refill barrels must compete with refinery demand, export markets and producer incentives.

The reserve held roughly 621 million barrels in September 2021. SPR inventories fell from around 621 million barrels to roughly 347 million barrels between late 2021 and mid-2023, a decline of about 274 million barrels. Most of that reduction occurred during the Biden administration as releases addressed fuel price pressures and market disruptions.

The current administration initially reversed that trend. Inventories climbed from roughly 393 million barrels at the beginning of 2025 to more than 415 million barrels by spring 2026, adding about 22 million barrels. Middle East supply disruptions and escalating tensions around the Strait of Hormuz then altered the trajectory once more.

Wright's remarks come as the SPR sits well below the levels seen before the large drawdowns of recent years. The pledge to leave the reserve fuller than when the current withdrawals began marks a policy distinction from the steep net reduction recorded between late 2021 and mid-2023.

2-to-1 ratio would require acquiring 36 million additional barrels beyond simple replacement of recent withdrawals.

The announcement stops short of specifying when or at what price levels such purchases would occur.