DOE Initiates SPR Emergency Oil Exchange
Summary
The Department of Energy has initiated an emergency oil exchange from the Strategic Petroleum Reserve, offering up to 86 million barrels to stabilize global oil supply. This action is part of a larger international release aimed at addressing disruptions in the Middle East.
What changed
The U.S. Department of Energy (DOE) has issued a Request for Proposal (RFP) for an emergency exchange of up to 86 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). This is the first tranche of a 172-million-barrel exchange and is part of a coordinated international release of 400 million barrels by International Energy Agency member nations. The exchange aims to stabilize global oil markets due to disruptions in the Middle East, with early deliveries expected by the end of next week. Companies will return the borrowed oil with additional barrels as a premium, strengthening the SPR at no cost to taxpayers.
Energy companies interested in participating must submit bids by 5:00 P.M. CT on Tuesday, March 17, 2026. This action is intended to ensure a reliable supply during a period of heightened global uncertainty and to maintain the SPR as a critical national security asset. While the document does not explicitly state penalties for non-compliance with the exchange terms, participation is voluntary for companies responding to the RFP. The primary implication is for companies to review the RFP and consider bidding if they can meet the terms and deadlines.
What to do next
- Review the DOE's Request for Proposal for the SPR oil exchange.
- Submit bids by the deadline of March 17, 2026, if participating.
- Monitor market conditions and DOE announcements regarding oil supply.
Source document (simplified)
Energy Department Initiates Strategic Petroleum Reserve Emergency Exchange to Stabilize Global Oil Supply
DOE issued a Request for Proposal for an exchange of up to 86 million barrels of crude oil from the Strategic Petroleum Reserve, the first tranche of the 172-million-barrel exchange announced as part of the International Energy Agency’s collective release of 400 million barrels of oil.
March 13, 2026
WASHINGTON — The U.S. Department of Energy (DOE) today issued a Request for Proposal (RFP) for a crude oil exchange from the Strategic Petroleum Reserve (SPR) as part of the 172-million-barrel exchange announced earlier this week. This first RFP will be for 86 million barrels of crude oil. Under the terms of the exchange, companies will return the borrowed oil to DOE with additional barrels as a premium, strengthening the Strategic Petroleum Reserve while stabilizing markets at no cost to American taxpayers.
Early deliveries are expected to begin moving to market by the end of next week. Barrels will be made available from the SPR’s Bryan Mound, West Hackberry, and Bayou Choctaw. Return barrels will be delivered back to DOE on a schedule designed to protect commercial markets and the American people, while ensuring the reserve remains a critical national security asset.
“Today’s action reflects President Trump's continued commitment to safeguarding U.S. energy security and contributing constructively to global market stability,” said Kyle Haustveit, Assistant Secretary of the Hydrocarbons and Geothermal Energy Office. “By participating in the coordinated international release, we are helping ensure that supply remains reliable during a period of heightened global uncertainty. We will continue to work closely with our partners to support a resilient energy system while maintaining the long‑term strength and readiness of the Strategic Petroleum Reserve.”
The exchange is part of a coordinated international effort requested by President Trump, in which International Energy Agency member nations agreed to release 400 million barrels of oil from strategic reserves. The action comes as global oil supply routes face disruption from escalating tensions in the Middle East and attacks carried out by Iran and its proxies, threatening the reliable flow of energy through critical maritime corridors.
Today, the SPR holds approximately 415 million barrels, up from roughly 395 million barrels one year ago. The Trump Administration continues to pursue additional opportunities to strengthen the reserve and restore its long-term readiness as a cornerstone of American energy security.
Bids for the solicitation are due no later than 5:00 P.M. CT on Tuesday, March 17, 2026. For more information on the SPR, please visit DOE’s website .
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Tags:
- Petroleum Reserves
Media Inquiries:
(202) 586-4940 or DOENews@hq.doe.gov
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