The United States has offered up to 40 million barrels of crude oil from its Strategic Petroleum Reserve, completing the U.S. contribution to a coordinated effort by International Energy Agency members to support supplies during the conflict with Iran.

The Department of Energy said the crude would be made available to companies through an exchange arrangement. The Liberty Daily, citing the department, described the operation as a loan. In both accounts, companies receiving the oil are required to return more crude than they take, allowing supplies to reach the market while increasing the reserve’s inventory over time.

Final portion of U.S. commitment

The offer is the final part of a U.S. pledge to provide 172 million barrels. The pledge was made within an overall commitment of 400 million barrels by IEA member countries, according to the Energy Department and reports on the March agreement.

The DOE said the crude will come from the Big Hill and Bryan Mound sites. Deliveries under successful proposals are scheduled for November and December 2026. The department said the arrangement is intended to address short-term disruptions and support oil-market stability.

Energy Secretary Chris Wright said the United States and Japan were meeting their commitments. He urged European IEA members to fulfil their pledges, saying several had released only a fraction of the crude and petroleum products they had promised.

Reserve reaches lowest level in decades

The SPR held 283.8 million barrels, its lowest level since October 1982, according to data from the Energy Information Administration and the Energy Department cited by Sindonews. The reserve consists of crude stored in underground salt caverns at four sites along the U.S. Gulf Coast and has an authorised capacity of 714 million barrels.

The latest operation follows earlier releases and exchanges. The DOE said five previous solicitations had awarded more than 133 million barrels across four completed exchanges. It also said those exchanges returned oil with a 25% premium, although the 40-million-barrel operation has been characterised differently by the sources as an exchange or a loan.

Debate over the policy

The offer has drawn criticism from market analyst Tracey Ryniec, who said releasing the final 40 million barrels could take the SPR below 250 million barrels. That assessment was presented in a post on X and was not accompanied in the report by an official inventory forecast.

Energy analyst Ben Cahill, quoted by Sindonews, said repeated interventions could become less effective over time. The DOE, meanwhile, said the transactions would help refill the reserve and save taxpayers more than $3 billion.