US Strategic Oil Reserves Fall to Lowest Level Since 1982
- US Strategic Petroleum Reserve has fallen to 293.4 million barrels, its lowest level since December 1982.
- Reserves declined by another 5.3 million barrels in the latest reported week.
- Emergency releases linked to the Iran war and disruption in the Strait of Hormuz have sharply reduced stockpiles.
- Current reserves stand at only about 41% of the United States’ authorised storage capacity.
The United States’ emergency oil stockpile has fallen to its lowest level in more than four decades as continued releases amid the Iran war and disruption to oil shipments through the Strait of Hormuz put pressure on the country’s strategic reserves.
According to foreign media reports, crude oil held in the US Strategic Petroleum Reserve (SPR) declined by another 5.3 million barrels to 293.4 million barrels, marking the lowest level recorded since December 1982.
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Data from the US Department of Energy showed that the reserve contained 298.7 million barrels a week earlier. The latest decline means the country’s emergency stockpile is now at approximately 41% of its authorised capacity of 714 million barrels.
The sharp reduction follows emergency releases that began in March as the conflict with Iran and disruption to oil transportation through the Strait of Hormuz created concerns over energy supplies.
In mid-March, the US Strategic Petroleum Reserve held approximately 415.4 million barrels of crude oil. Since then, around 122 million barrels have been withdrawn, highlighting the scale of the emergency releases over the past several months.
Monthly figures show that 39.4 million barrels were released from the reserve in May, followed by another 33 million barrels in June. Releases slowed to 17.4 million barrels in July, while 11.4 million barrels have already been withdrawn in August.
The Strategic Petroleum Reserve serves as the United States’ emergency crude oil stockpile and can be used to address major supply disruptions. The latest figures show that the reserve has been substantially depleted as Washington continues using emergency stocks amid pressure on global oil supplies and transportation routes.
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