Petroleum: what's happening and what it means

DOE has released 17.5 million barrels from the Strategic Petroleum Reserve since March. Petroleum has emerged this Friday as one of the stories drawing attention in New Zealand.

Key facts

• DOE has released 17.5 million barrels from the Strategic Petroleum Reserve since March.
• Browse by tag liquid fuels natural gas electricity oil/petroleum production/supply crude oil consumption/demand generation prices map states exports/imports international coal renewables weather forecasts/projections gasoline capacity steo (short-term energy outlook).
• The reserve has an authorized storage capacity to hold up to 714 million barrels of crude oil across four storage sites along the Gulf of America, where much of the U.S. petroleum refining capacity is located.
• Strategic Petroleum Reserve (SPR), according to data in our Weekly Petroleum Status Report.
• We survey SPR inventory levels each week in our Weekly Petroleum Status Report.

What we know

Going deeper, Browse by tag liquid fuels natural gas electricity oil/petroleum production/supply crude oil consumption/demand generation prices map states exports/imports international coal renewables weather forecasts/projections gasoline capacity steo (short-term energy outlook).

On the substance, the reserve has an authorized storage capacity to hold up to 714 million barrels of crude oil across four storage sites along the Gulf of America, where much of the U.S. petroleum refining capacity is located.

Beyond the headlines, Strategic Petroleum Reserve (SPR), according to data in our Weekly Petroleum Status Report.

More precisely, We survey SPR inventory levels each week in our Weekly Petroleum Status Report.

It is worth noting that Tags: Department of Energy (DOE), crude oil, oil/petroleum, liquid fuels, SPR (Strategic Petroleum Reserve).

By the numbers

At this stage, Between the week ending March 20 and the week ending April 24, the U.S.

On a related note, Department of Energy (DOE) released a total of 17.5 million barrels of crude oil from the U.S.

Going deeper, DOE released 7.1 million barrels in the week ending April 24, the most released since the week ending October 7, 2022.

On the substance, the United States is in the process of releasing 172 million barrels of crude oil from the U.S.

The wider context

On a related note, SPR release is part of a coordinated effort with the International Energy Agency (IEA) to release 400 million barrels of crude oil and refined products globally to address disruptions in oil supply stemming from the conflict in the Middle East.

Going deeper, the SPR was established in the 1970s to reduce the effects of unexpected oil supply disruptions.

On the substance, Trump’s Emergency Oil Sails to Europe as War Upends Energy Flows.

Beyond the headlines, SPR Crude as IEA-Led Release Supports Market Supply.

More precisely, our recent Today in Energy analysis explores the strategic oil inventory levels in other countries before the release announcement.

The bottom line

• The reserve has an authorized storage capacity to hold up to 714 million barrels of crude oil across four storage sites along the Gulf of America, where much of the U.S. petroleum refining capacity is located.
• The United States is in the process of releasing 172 million barrels of crude oil from the U.S.
• The SPR was established in the 1970s to reduce the effects of unexpected oil supply disruptions.
• Searches spiking right now: United Arab Emirates says it will leave OPEC, a blow to the oil cartel, "Reserves": Pak Minister Contrasts Country's Oil Shock With India's Stability, Europe Emerges As Key Buyer Of U.S. Strategic Petroleum Reserve Oil, The Iran war could drive up costs for petroleum-derived products like clothes and crayons.