The United States released oil from its Strategic Petroleum Reserve at the fastest weekly rate since 2022 last week, even as American petroleum exports shattered all-time records, driven by the Iran war’s disruption of global energy supply chains.
The Department of Energy released 7.1 million barrels from the SPR in the week ending April 24, the largest single-week drawdown since October 2022, according to the Energy Information Administration’s Weekly Petroleum Status Report.
The release is part of a coordinated IEA effort under which the US is contributing 172 million barrels toward a 400-million-barrel collective release across 32 countries — the largest emergency reserve deployment in IEA history. Since March 20, the DOE has released 17.5 million barrels total, pushing SPR stocks to 397.9 million barrels.
Crude stocks fell 6.23 million barrels to 459.5 million for the week ending April 24, well above the analyst consensus for a 0.2-million-barrel draw. Gasoline dropped 6.08 million barrels to 222.3 million. Distillates — diesel and heating oil — fell 4.49 million barrels to 103.6 million.
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US oil and petroleum product exports hit a record 14.18 million barrels per day, breaking the prior week’s record of 12.88 million, as overseas buyers scramble to replace Middle Eastern supply cut off by the conflict. Crude exports alone hit a record 6.4 million barrels per day.
The Strait of Hormuz, through which roughly 20% of the world’s oil typically moves, has seen dramatically reduced traffic since the war began, forcing buyers across Europe and Asia toward American suppliers.
Crude shipments to Asia stood at approximately 14.8 million barrels per day in April, down from 18.63 million in March and 24.87 million in February — the last full pre-war month — a 10-million-barrel-per-day collapse no alternative supplier can fully replace.
The SPR’s authorized capacity is 714 million barrels; current stocks of 397.9 million represent a 44% decline from the December 2009 peak of 726.6 million. Critics warn sustained drawdowns at this pace erode the buffer available for future crises. The 2026 release is structured as an exchange rather than a permanent sale — oil companies must return borrowed crude with a premium — but the pace and timeline of replenishment remain uncertain.
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