U.S. Strategic Petroleum Reserve falls to 349.2 million barrels amid planned replacements and new funding

U.S. 2 million barrels of crude oil at the start of June 2026, down from roughly 394 million barrels at the end of the prior administration. The Trump administration initiated the drawdown in March to address surging gas prices and oil supply disruptions caused by the war in Iran that began in February.

By July the Energy Department plans to have released 172 million barrels since March, which would bring inventories to as low as 243 million barrels. The reserve requires roughly 20 percent of its 714 million barrel capacity to remain operational. The reserve was created in 1975 after the Arab oil embargo.

6 million barrels in 2011 due to supply disruptions in Libya. The Biden administration released approximately 180 million barrels in 2022 and directly purchased about 59 million barrels to replenish part of that amount. 6 million barrels to offset budget deficits.

By April 2025 the Energy Department had sold around 119 million barrels under those mandates. The One Big Beautiful Bill Act, signed last summer, repealed a provision that would have required the sale of 7 million barrels between fiscal 2026 and fiscal 2027 and provided an additional $389 million for the reserve, including $171 million intended for refilling.

Energy Secretary Chris Wright stated earlier in June that companies receiving SPR crude will add 40 million barrels back into the stockpiles.

Of the 172 million barrels scheduled for release, at least 133 million barrels will be replaced with premiums of up to 24 percent. If the administration secures around 200 million barrels in replacements, inventories would reach approximately 443 million barrels.

Exxon Senior Vice President Neil Chapman predicted at the end of May that Brent Crude could reach $150 to $160 per barrel if inventories hit record lows.