The Office of Strategic Petroleum Reserve Project Management at the US Department of Energy issued a solicitation notice on the 29th, planning to release 40 million barrels of crude oil to the market through an "exchange" method.

According to the notice, companies intending to participate in the "exchange" need to submit proposals in the coming days. After the "exchange" contracts are announced, the federal government is expected to deliver the reserve crude oil in batches during November and December.

Companies may begin returning the crude oil as early as April 2027, with the latest return period being the end of 2029.

According to the US Department of Energy, the release of the Strategic Petroleum Reserve can be carried out through "sales" and "exchanges." Under the "exchange" method, refiners borrow crude oil from the Strategic Petroleum Reserve due to emergencies such as hurricanes, pipeline blockages, or waterway closures, and then return an equal amount afterward.

Data shows that from March to June this year, the United States has already conducted three batches of petroleum reserve "exchanges," with the "exchange" contracts involving a total of 107 million barrels of crude oil.

The US Department of Energy stated in a declaration on March 11 that it would release 172 million barrels of Strategic Petroleum Reserve within about 120 days to address the oil price increase caused by US and Israeli military strikes on Iran.

The latest data from the US Energy Information Administration shows that in the week ending September 18, the United States held only 284.6 million barrels of Strategic Petroleum Reserve, a decrease of more than 130 million barrels compared with the level at the end of March this year.

The US Strategic Petroleum Reserve had maintained a high level of more than 726 million barrels from December 2009 to early July 2011.