Trump Secures 400-Million-Barrel Oil Release as SPR Nears Record Lows

Coordinated action from 32 IEA nations aims to drive down oil prices amid global supply disruptions.

Mar. 15, 2026 at 4:06am

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The Department of Energy announced that 32 member nations of the International Energy Agency unanimously agreed to President Trump's request for a coordinated release of 400 million barrels of oil and refined products from their strategic reserves. The United States will contribute 172 million barrels from the Strategic Petroleum Reserve (SPR), which is now heading toward its lowest levels since the 1980s.

Why it matters

The coordinated release is designed to help drive down oil prices that have surged past $100 per barrel amid ongoing geopolitical tensions. However, the drawdown will push the SPR to dangerously low levels, raising concerns about the nation's energy security and the challenges of refilling the reserve in the future.

The details

After the 172-million-barrel drawdown, the SPR will have approximately 245 million barrels remaining, the lowest point since before the 1980s. The Biden administration had previously drawn down the SPR to less than 347 million barrels, its absolute lowest point in July 2023, in an effort to manage high gasoline prices ahead of the midterm elections. The Trump administration had previously worked to add 47 million barrels back to the reserve, but the Biden-era drawdown has left the SPR in a precarious position.

  • The SPR held roughly 415 million barrels as of March 6, 2026.
  • After the 172-million-barrel drawdown, the SPR will have approximately 245 million barrels remaining.
  • The SPR hit its absolute lowest point of 346.7 million barrels in July 2023 under the Biden administration.

The players

Donald Trump

The former President of the United States who secured the coordinated 400-million-barrel oil release from the International Energy Agency.

Joe Biden

The current President of the United States whose administration had previously drawn down the Strategic Petroleum Reserve to its lowest levels since before the 1980s.

Chris Wright

The Secretary of the U.S. Department of Energy who acknowledged that the Biden-era drawdown of the SPR happened so fast that it damaged the infrastructure itself.

Peter St. Onge

An economist at the Heritage Foundation who laid out the structural challenge of refilling the SPR, estimating it will take 40 times longer to refill than it did to drain.

Tim Stewart

The president of the U.S. Oil and Gas Association who said oil companies reached out to Sen. Chuck Schumer and others to fund $3 billion for the purchase of oil to fill the SPR when prices were low, but Democrats refused to take the meeting.

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What they’re saying

“Causes some damage to the infrastructure itself. So those repairs are ongoing, and a 'non-trivial' amount of money will be needed to make the repairs.”

— Chris Wright, Secretary of the U.S. Department of Energy

“Earlier today, 32 member nations of the International Energy Agency (IEA) unanimously agreed to President Trump's request to lower energy prices with a coordinated release of 400 million barrels of oil and refined products from their respective reserves.”

— Chris Wright, Secretary of the U.S. Department of Energy

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This coordinated oil release from the Strategic Petroleum Reserve is a necessary short-term measure to address global supply disruptions, but it comes at the cost of significantly depleting the nation's emergency energy stockpile. Refilling the SPR will be a long and expensive process, highlighting the need for a comprehensive energy strategy that balances short-term price stability with long-term energy security.