US releases record 172 million barrels from strategic reserve, total

The Trump administration announced a release of 172 million barrels from the Strategic Petroleum Reserve (SPR) on May 15, marking the largest single‑country contribution to the International Energy Agency’s coordinated drawdown effort [1]. The Energy Department had already offered about 92.5 million barrels in April, and the latest award of 53.33 million barrels – the biggest this year – was granted last week [1].

The SPR draw is part of a broader IEA‑led plan to inject roughly 400 million barrels of emergency oil into the market to blunt price spikes caused by the ongoing U.S.–Israeli war with Iran, which began three months ago [1]. Fatih Birol, head of the IEA, warned that commercial oil inventories were depleting rapidly, with only a few weeks of supply left as the Strait of Hormuz – a conduit for about 20 % of global oil – remained effectively closed [1]. Global observed oil inventories fell at a record pace in March and April, shrinking by 246 million barrels, according to the IEA’s latest monthly market report [1].

By draining the SPR, the United States aims to lower fuel prices domestically while supporting the global market at a time of heightened geopolitical risk. The release underscores the strategic role of U.S. stockpiles; even after the 172 million‑barrel pledge, only a portion has physically entered the market, with Reuters reporting about 164 million barrels of the total 400 million‑barrel commitment already released by mid‑May [2]. Analysts note that a one‑off release may only partially offset ongoing supply disruptions unless shipping through the Hormuz chokepoint resumes.

The draw pushes total global oil inventories to their lowest level in two years, a metric closely watched by traders and policymakers alike. With commercial stocks dwindling and the conflict showing no signs of abating, the next weeks will test whether further coordinated releases or a reopening of the Strait can stabilize markets, or if the depletion of reserves will force a sharper price correction.