The November 2021 level was about 605 million barrels, about 30 days worth of supply at a 2022 consumption rate of 20 million bpd.
The 350 million barrel level was reached in May 2023 and has been range bound there for eight months. That is about 17.5 days worth of supply.
Crude oil price has not cooperated for refilling what was released. The 2021 price averaged $68 and climbed to nearly $95 in 2022. With 2023 almost over the price has averaged nearly $78.
The release of less than two weeks of supply during 2022 and 2023 as prices skyrocketed looks like a really silly political stunt. Crude oil production has rebounded to what it was under Donald Trump, so there's been plenty of supply in the higher price environment and no need to squander the SPR in this way.
Now it is too expensive to refill cheaply.
