3.25 Billion Barrels of Oil Released from Strategic Reserves Amid Global Energy Crisis

To address the worldwide energy crisis triggered by ongoing conflicts, a total of 3.25 billion barrels of crude oil and petroleum products have been released from strategic reserves to date. Member countries of the International Energy Agency (IEA) had committed in March to release 4 billion barrels. So far, they have drawn 3.25 billion barrels from their strategic stocks.

In efforts to alleviate the global energy supply crunch, the G7 nations, in coordination with the IEA, also agreed to immediately introduce 1 billion barrels of diesel and crude oil into the market. This announcement followed a day after the IEA’s disclosure.

The G7’s decision came in response to global energy supply disruptions arising from the US-Israel conflict and the resulting circumstances in Iran. However, the G7 has not fully clarified whether the planned 1 billion barrels includes the remaining 750 million barrels from their March commitments or represents an additional volume.

The Strategic Petroleum Reserve (SPR) refers to the stockpiled crude oil that various countries maintain to supply petroleum in case of disruptions. The United States’ SPR has a maximum authorized capacity of 714 million barrels. As of May 29, 2026, the reserve held 357.1 million barrels of crude oil.

Historically, the US government has released oil from its SPR due to humanitarian crises, economic shocks, and natural disasters. In some cases, crude oil from the reserves has also been sold or loaned to other countries.

The SPR plays a critical role in offsetting supply shocks caused by natural disasters, accidents, or economic sanctions. The crude oil is stored underground in secure facilities and can be processed into fuel immediately when needed. It should not be confused with proved reserves, which estimate the quantity of crude oil underground that can potentially be extracted in the future.

Given the limited capacity relative to consumption, strategic reserves cannot fully compensate for supply disruptions lasting more than a few months. While releasing oil from reserves temporarily boosts supply, it does not expand long-term availability.