Deliveries will begin immediately, with the oil flowing between June and August as gasoline demand peaks during the summer driving season. [1] The release is part of a coordinated international effort by the 32-member nations of the International Energy Agency (IEA) to stabilize prices that have frequently exceeded $100 per barrel since the conflict began on Feb. 28. [2]

The DOE stated that petroleum companies "may begin scheduling deliveries immediately," and that the agency will "evaluate market conditions and operational capacity as it advances additional steps to meet the full United States commitment under the coordinated international release." [1] Trafigura is taking the largest allocation of nearly 13 million barrels, followed by Marathon and Exxon Mobil Corp, according to the Energy Department. [1] The SPR, held in caverns at four sites on the coasts of Texas and Louisiana, currently holds about 393 million barrels. [2]

Background and Details of the Release

This release is part of a broader commitment the Trump administration made in March to exchange 172 million barrels of crude oil from the SPR under an exchange program, where oil is loaned to companies and must be returned in kind at a later date. [3] The action is part of a coordinated 400-million-barrel release by IEA member nations, the largest such action in the agency's history, according to the IEA. [4]

The DOE has already loaned around 80 million barrels from the reserve in recent weeks, bringing the total released so far to 133.1 million barrels. [1] It remains unclear if the energy department will hold further offers to meet the 172 million-barrel target. [1]

Participating petroleum companies can also use President Donald Trump's 60-day Jones Act waiver, issued on March 18, 2026, which temporarily suspends the federal statute requiring all goods transported by water between U.S. ports to be carried on American ships with American crews. [5] The DOE release said the waiver helps "accelerate critical near-term oil flows into the market." [1]

Not all the oil remains in the U.S.; part of it is being exported to Europe and South America. [1] Major oil companies ExxonMobil and Chevron have declined to boost domestic oil production despite administration requests, according to statements from their chief financial officers to the Financial Times. [6]