The United States plans to lend an additional 40 million barrels of crude oil from the Strategic Petroleum Reserve to lower fuel prices.

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The US government is once again using strategic petroleum reserve tools to intervene in the energy market through administrative means, aiming to lower domestic fuel prices.

The US Department of Energy announced on Wednesday plans to lend up to 40 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to energy companies. This move is a continuation of a previous commitment to release 172 million barrels—about 133 million barrels have already been lent out, and this round could cover the remaining gap.

Energy Secretary Chris Wright stated that the premium oil returned by companies is expected to total 35–40 million barrels over the next two years.

This round aims to stabilize the global oil market, which has been under pressure since the outbreak of conflict between the US, Israel, and Iran on February 28. SPR inventories have now dropped to 349.2 million barrels, the lowest level since August 2023, indicating that reserve capacity is narrowing and the use of this policy tool is approaching the limit of the current commitment.

SPR Inventory Pressure: Reserves Fall to Near Three-Year Low

SPR stores crude oil in underground salt caverns along the coasts of Texas and Louisiana. According to the latest data, the inventory level is 349.2 million barrels, which is the lowest since August 2023. As the cumulative lending scale approaches the 172 million barrel commitment, the buffer space of the US strategic reserves is becoming increasingly limited.

This action is not unilateral by the US. In March of this year, the US reached an agreement with about 30 member countries of the International Energy Agency (IEA), pledging to collectively release about 400 million barrels of strategic reserves to the global market in response to the supply uncertainties caused by Middle East conflicts, and to stabilize international oil price expectations. The US’s previously pledged release of 172 million barrels is part of this multilateral coordination framework.

Unlike direct sales, this uses a "lending" model—companies that borrow crude oil must return an equivalent amount of oil, plus pay up to a 24% premium, delivered in the form of physical crude oil. The Department of Energy stated that this mechanism achieves market stability without imposing direct financial costs on US taxpayers. Energy Secretary Chris Wright expects that the return of premium oil will total 35–40 million barrels over the next two years, which will help partially replenish reserve levels in the medium term.

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