Note: Single-source report; awaiting corroboration.
The U.S. Department of Energy (DOE) has issued a Request for Proposal (RFP) to exchange up to 40 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). This solicitation opens competitive bidding, continuing DOE’s implementation of President Trump’s 172-million-barrel release, which is part of a coordinated effort totaling 400 million barrels among International Energy Agency (IEA) member nations’ strategic reserves.
The crude oil offered in this exchange will come from the SPR’s Big Hill and Bryan Mound sites. DOE stated that this follows four previous solicitations, awarding over 133 million barrels across three completed exchanges. These earlier initiatives demonstrated the SPR's capacity to promptly deliver crude oil under emergency authorities, while achieving a 26 percent premium in returned barrels, thereby expanding the reserve without additional taxpayer cost.
According to DOE Acting Assistant Secretary Curt Coccodrilli, this exchange aims to accelerate the President’s commitment to a coordinated and strategic release, stabilize global oil markets, relieve short-term supply pressures, and strengthen the SPR through the return of premium barrels. Under the exchange authority, companies will return the 40 million barrels borrowed plus additional premium barrels, ensuring both immediate market supply and long-term SPR inventory growth.
Bids for this solicitation are due no later than 11:00 A.M. Central Time on Monday, June 15, 2026.