The U.S. Department of Energy (DOE) has issued a Request for Proposal (RFP) for an exchange of up to 40 million barrels of crude oil from the Strategic Petroleum Reserve (SPR), continuing DOE’s execution of the 172-million-barrel release previously announced by President Trump in coordination with the International Energy Agency (IEA) member nations’ overall 400-million-barrel commitment.
'With today’s actions, the United States continues to lead the coordinated efforts to stabilize oil markets for the benefit of Americans and people around the world,' U.S. Secretary of Energy Chris Wright said. 'While the United States and Japan are delivering on their commitments, several European member countries have released only a fraction of the crude oil and petroleum products they pledged. We urge every member country to fulfill its commitments. Thanks to President Trump, these exchanges will also ensure America’s Strategic Petroleum Reserve continues to be refilled, while saving taxpayers more than $3 billion.'
Thanks to President Trump, DOE has advanced a series of large-scale SPR exchange solicitations at record speed. These actions have moved critical crude oil supplies into the market to address short-term supply disruptions and bolster energy security for the United States and its allies.
The crude oil will originate from the SPR's Big Hill and Bryan Mound sites. This action builds on the Department’s five previous solicitations that collectively awarded more than 133 million barrels across four completed exchanges. DOE’s earlier exchanges demonstrated the SPR’s ability to rapidly deliver crude under emergency authorities while achieving a 25 percent premium in returned barrels - expanding the reserve and saving taxpayers billions of dollars. Deliveries under awarded exchanges are scheduled for November and December 2026.
Under DOE’s exchange authority, participating companies will return the 40 million borrowed barrels with additional premium barrels, ensuring immediate market supply while increasing the SPR’s long-term inventory at no cost to taxpayers.
Bids for this solicitation are due no later than 11:00 A.M. Central Time on Tuesday, October 6, 2026.
For more information on the SPR, please visit DOE’s website.
Source: U.S. Department of Energy (DOE)
