# US approves emergency exchange of up to 4m oil barrels Author: Hatice Ertaş Language: English Published: 2026-10-11T11:26:35+03:00 Updated: 2026-10-11T11:26:35+03:00 ![Conceptual energy infrastructure scene with rain-covered oil pipes, a red valve and storage tanks](https://kriptometa.com/uploads/abd-milyon-varile-kadar-petrol-takasina-izin-verdi-26b09f05f204_article.webp) ## Key takeaways - ExxonMobil and BP America each received approval for exchanges of up to 2 million barrels. - ExxonMobil’s exchange will accelerate deliveries of previously awarded reserve oil. - Operators had shut in 68.76% of daily Gulf oil production, according to October 10 data. The US is turning to its strategic reserve to ease oil supply disruptions caused by Hurricane Isaias. ExxonMobil and BP America must return more crude than they borrow. The US Department of Energy has authorized an emergency exchange of up to 4 million barrels of crude from the Strategic Petroleum Reserve (SPR) to ease supply disruptions caused by Hurricane Isaias. ExxonMobil and BP America may each receive up to 2 million barrels, the department said in its [October 10 announcement](https://www.energy.gov/articles/energy-department-authorizes-strategic-petroleum-reserve-exchange-address-supply). Energy Secretary Chris Wright said the arrangement would help keep refineries operating and limit interruptions to fuel supplies. The statement did not identify the receiving refineries, give delivery dates or specify how much oil had actually been shipped. ## Oil must be returned with extra barrels in 2027 The companies must return the borrowed crude to the reserve in 2027, along with additional barrels as a premium. DOE did not disclose the size of that premium or a detailed repayment schedule for either company. ExxonMobil’s exchange will bring forward deliveries of SPR crude that had already been awarded. The overall ceiling therefore should not be treated as a wholly new 4-million-barrel sale separate from earlier allocations. **The earlier reserve program.** On September 29, DOE issued a [request for bids on up to 40 million barrels](https://kriptometa.com/en/us-spr-40-million-barrel-oil-exchange-deadline), with an October 6 deadline and deliveries scheduled for November–December. The new statement does not identify which earlier award covers ExxonMobil’s accelerated deliveries. ## Gulf operators shut in 68.76% of daily oil output The Marine Minerals Administration (MMA), which oversees offshore energy activity, detailed the disruption in its [October 10 situation report](https://www.bsee.gov/newsroom/latest-news/statements-and-releases/press-releases/mma-monitors-gulf-response-isaias4). About 1,402,692 barrels per day of US Gulf of Mexico oil production had been shut in, equivalent to 68.76% of the region’s daily output. The share of natural gas production shut in was 57.44%. The report used submissions from 31 companies received by 11 a.m. Central Daylight Time on October 10, or 4 p.m. UTC. The percentages refer to Gulf production, rather than nationwide US output. Shut-in volumes are estimates based on what operators expected to produce that day. Personnel had been evacuated from 113 of the Gulf’s 371 manned production platforms. Eight of 11 non-dynamically positioned drilling rigs were also evacuated. One of 17 dynamically positioned rigs, which hold their location using thrusters and propellers, moved away from the storm’s path. During evacuation, operators close safety valves below the seafloor to stop production and prevent leaks. A precautionary shutdown does not by itself establish that a facility is damaged. MMA said undamaged facilities would resume production after the storm once standard inspections were complete; damaged facilities could take longer to restart.