The SPR holds about 384 million barrels now, per the latest EIA data, down sharply from roughly 621 million barrels in September 2021. Most of that decline occurred under the Biden administration, when inventories fell from about 621 million to roughly 347 million between late 2021 and mid-2023 as releases were used to ease fuel prices and offset market disruptions.
The current administration briefly increased inventories from roughly 393 million barrels at the start of 2025 to over 415 million by spring, adding about 22 million barrels. But Middle East disruptions—heightened tensions around the Strait of Hormuz and related supply issues tied to Iran—reversed that trend, and SPR levels have fallen below 385 million barrels since late March, a decline of roughly 30 million barrels.
At a 1.2-to-1 replacement rate, the administration would need to procure about 36 million barrels to replenish what’s been withdrawn—if withdrawals stopped today. Refilling the SPR is not automatic: those barrels must compete with refinery demand, exports, producer incentives and any new geopolitical shocks, and the additional buying could put upward pressure on oil prices.
No timeline for the restock was announced.