By Boluwatife Oshadiya | March 12, 2026
Key Points
- U.S. President Donald Trump says strategic oil reserves will be released to push down rising global oil prices
- International Energy Agency members plan a coordinated release of about 400 million barrels of crude
- The U.S. Department of Energy will release 172 million barrels from the Strategic Petroleum Reserve over four months
Main Story
U.S. President Donald Trump says the United States will release oil from its Strategic Petroleum Reserve (SPR) in a bid to stabilise rapidly rising global crude prices, while pledging that the reserves will later be replenished.
Trump made the announcement during an interview with American news outlet Local 12 on Wednesday, saying the move is designed to ease pressure on energy markets already strained by geopolitical tensions and supply disruptions.
“We’ll do that, and then we’ll fill it up,” Trump said during the interview. “The goal is to bring prices down quickly and stabilise the market.”
The move comes after the International Energy Agency (IEA) announced a coordinated release of emergency oil supplies by its 32 member countries. According to an official statement from the agency, the countries will collectively inject 400 million barrels of crude oil into the global market in what could become one of the largest coordinated releases in history.
The U.S. Department of Energy confirmed that Washington will contribute 172 million barrels from the Strategic Petroleum Reserve starting next week. The release is expected to occur over a period of roughly four months.
The Strategic Petroleum Reserve, created in the aftermath of the 1970s oil crises, remains the largest emergency crude oil stockpile in the world, with storage facilities located along the U.S. Gulf Coast. The reserve is intended primarily to cushion the U.S. economy against severe supply disruptions and fulfil international energy security obligations.
Energy markets have faced renewed volatility in recent weeks due to tensions in the Middle East and disruptions to key global shipping routes, including the Strait of Hormuz — a critical corridor for global oil flows.
The Issues
The decision highlights growing concerns among policymakers about the impact of rising oil prices on global inflation and economic recovery. Energy costs remain one of the most sensitive drivers of consumer prices worldwide, particularly in import-dependent economies.
Strategic petroleum reserves are typically deployed during supply emergencies such as wars, sanctions, or major infrastructure disruptions. Analysts note that large releases can provide short-term price relief but rarely resolve underlying structural supply constraints.
The coordinated action by the IEA also signals growing cooperation among major energy-consuming economies as markets react to geopolitical instability and tightening supply conditions.
What’s Being Said
“Strategic stock releases can temporarily calm markets and provide supply certainty, but they do not replace long-term investment in energy production,” said Fatih Birol, Executive Director, International Energy Agency.
“Markets respond strongly to coordinated action by major consuming countries. The psychological effect alone can push prices downward in the short term,” said Helima Croft, Global Head of Commodity Strategy, RBC Capital Markets.
What’s Next
- The U.S. Department of Energy will begin releasing 172 million barrels from the Strategic Petroleum Reserve starting next week.
- IEA member states are expected to coordinate the broader 400-million-barrel release over the coming months.
- Energy analysts will closely monitor whether the move stabilises crude prices or if geopolitical tensions continue to drive volatility.
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