September 29, 2026 - The U.S. Department of Energy is moving to release up to another 40 million barrels of crude oil from the Strategic Petroleum Reserve as part of an international effort to address tight global oil supplies and stabilize energy markets.

The Department of Energy on Tuesday issued a Request for Proposal for an exchange of up to 40 million barrels from the SPR, continuing the United States' previously announced commitment to make 172 million barrels available in coordination with other members of the International Energy Agency.

The broader international effort calls for 400 million barrels of oil and refined petroleum products to be made available from emergency reserves.

Unlike a conventional sale, the latest U.S. release will be conducted as an exchange. Participating companies will receive crude oil from the SPR now and return the borrowed barrels later along with additional barrels as a premium.

The Energy Department said the arrangement is intended to provide additional crude to the market during a period of tight supplies while ultimately increasing the amount of oil returned to the reserve.

The latest 40 million barrels will come from the SPR's Big Hill and Bryan Mound storage sites along the Gulf Coast.

Bids are due by 11 a.m. Central Time on October 6, with deliveries under the awarded exchanges scheduled for November and December.

The action follows five previous solicitations that have resulted in awards totaling more than 133 million barrels across four completed exchanges.

According to the Energy Department, earlier exchanges under the current program achieved a 25% premium in returned barrels. The department says participating companies will similarly be required to return the 40 million barrels included in the latest solicitation along with additional premium barrels.

The United States originally committed to release 172 million barrels from the SPR in March after 32 International Energy Agency member countries agreed to a coordinated release of 400 million barrels of oil and refined products from emergency reserves.

The Energy Department said at the time that it expected approximately 200 million barrels ultimately to be returned to the SPR, about 20% more than would be withdrawn under the broader U.S. program.

The government says the exchange structure allows additional oil to reach the market during periods of short-term supply disruption without requiring taxpayers to purchase replacement barrels.

The initial phase of the program involved an exchange of 45.2 million barrels. The Energy Department said companies receiving those barrels agreed to return approximately 55 million barrels to the reserve.

Energy Secretary Chris Wright said the latest action continues U.S. efforts to stabilize global oil markets while rebuilding the reserve through the return of additional barrels.

Wright also called on other International Energy Agency member countries to fulfill their commitments under the coordinated emergency release. He said the United States and Japan have been delivering on their commitments while several European members have released only a fraction of the crude oil and petroleum products they pledged.

The Strategic Petroleum Reserve is the world's largest government-owned emergency crude oil stockpile and consists of underground salt caverns located along the Gulf Coasts of Texas and Louisiana.

As of August 20, the reserve contained approximately 294.1 million barrels of crude oil, according to Energy Department figures. The SPR has an authorized storage capacity of 714 million barrels.

The reserve reached its historical high of approximately 726.6 million barrels in December 2009.

Oil from the latest exchange will be drawn from two of the reserve's largest facilities. As of August 20, Bryan Mound held approximately 142.5 million barrels, while Big Hill contained about 89.1 million barrels.

The Energy Department says the SPR has a maximum nominal drawdown capability of approximately 4.4 million barrels per day and can begin delivering oil to the U.S. market within about 13 days of a presidential decision.

The latest release comes as global oil markets continue to face supply disruptions and tight near-term availability. Market conditions have pushed near-term crude prices above prices for delivery farther into the future, a structure known as backwardation that can encourage companies to obtain crude now and replace it later.

The SPR exchange is designed to take advantage of those conditions by placing additional crude into the market when supplies are tight while requiring companies to replenish the government's reserves later with additional barrels.

Once the latest solicitation is completed, the United States will have moved substantially closer to fulfilling its 172-million-barrel commitment under the coordinated international emergency response.

The Department of Energy says the exchanges are intended to address immediate supply concerns while ultimately strengthening the Strategic Petroleum Reserve through the return of more oil than was originally withdrawn.