The US Department of Energy announced a tender for the transfer of 40 million barrels of oil from the reserve

The US Department of Energy (DOE) has announced a tender for the transfer of 40 million barrels of oil from the Strategic Petroleum Reserve (SPR), subject to their subsequent return. The corresponding statement is posted on the website of the department.

“Under the DOE’s authority to conduct exchange operations, participating companies will return 40 million borrowed barrels along with additional barrels (premium), thereby ensuring immediate market saturation and increasing long-term SPR inventories at no cost to taxpayers,” the statement said.

The oil will be transferred from two Strategic Petroleum Reserve facilities, Big Hill and Bryan Mound. Deliveries under approved deals are scheduled for November and December 2026.

Applications for participation in the tender will be accepted until October 6, 2026.

The current tender is a continuation of a series of oil exchange operations from the Strategic Petroleum Reserve. As part of four previous deals, the US Department of Energy transferred more than 133 million barrels to companies. In return, the companies had to return the oil to the reserve with an additional volume - a premium that was 25% of the transferred amount.

According to the US Department of Energy, the new operation is carried out as part of the decision to release 172 million barrels of oil from the US reserve. This is part of a concerted effort by member countries of the International Energy Agency to increase oil supply in the market and eliminate short-term supply disruptions. In total, the countries agreed to release 400 million barrels of oil and petroleum products.

The International Energy Agency (IEA) is an intergovernmental organization that emerged in 1974 as part of the Organization for Economic Cooperation and Development (OECD).

The IEA analyses energy markets, coordinates member countries in managing strategic reserves, and makes policy recommendations. The agency includes more than 30 OECD member states.

Earlier, on September 29, Reuters reported that oil reserves in the U.S. Strategic Petroleum Reserve fell to 283.8 million barrels, the lowest since October 1982. Inventory declines due to exchange transactions, in which companies receive oil from the reserve and then return it along with additional volume.