The United States released 53.3 million barrels of crude oil from the Strategic Petroleum Reserve. President Donald Trump raised energy security and Iran with Chinese President Xi Jinping in a call that touched on global supply concerns.
One of the largest drawdowns
The release, totaling 53.3 million barrels, ranks among the biggest withdrawals from the emergency stockpile. The SPR currently holds roughly 600 million barrels. The move is designed to ease supply tightness in the domestic market.
Diplomatic talks on Iran and oil
Trump and Xi discussed Iran and energy security during their conversation. The discussion comes as Washington seeks to choke off Iranian oil exports, while Beijing remains a major buyer of Tehran’s crude. No joint statement was released after the call.
The two leaders did not announce any concrete agreement on Iranian oil purchases. China has continued importing Iranian crude despite U.S. sanctions, often through channels outside the official financial system.
What the reserve release means
The 53.3 million barrel drawdown adds to global supply at a time when OPEC+ has been slow to boost output. The U.S. Energy Department said the oil will be delivered to commercial buyers through a competitive tender process.
Previous drawdowns from the SPR have been used to counter supply disruptions from hurricanes or geopolitical shocks. This release is the largest since the 2011 Libya crisis, when the U.S. and allies coordinated a 60 million barrel release.
Whether China will reduce its Iranian oil imports remains an open question after the Trump-Xi discussion. The U.S. Treasury has not signaled any new sanctions waivers for Chinese buyers.
