DOE to begin refilling Strategic Petroleum Reserve within months as oil prices surge

In March the Trump administration tapped the Strategic Petroleum Reserve, drawing over 130 million barrels to curb gasoline price hikes linked to the Iran war. The oil was loaned, not sold, with borrowers contractually bound to return the same amount plus a premium of up to 24 percent, and those repayments are now coming due. Energy Secretary Chris Wright told TV that the Department of Energy intends to start refilling the reserve within the next few months, targeting roughly 200 million barrels—about 20 percent more than the volume released.

If successful, the SPR would hold around 443 million barrels, slightly above the January level before the conflict. However, soaring crude prices—Brent above $109 and WTI just over $104 per barrel—make market purchases difficult, and analysts note that a sustained price drop below $50 would be needed for a rapid refill. The plan also anticipates increased Venezuelan crude production and a proposed swap of heavy Venezuelan oil for lighter U.S. grades to suit the reserve.