US Strategic Petroleum Reserve falls to lowest level since 1983

The U.S. Strategic Petroleum Reserve has fallen to its lowest level since 1983, dropping below 300 million barrels for the first time in over four decades as the government continues to release oil to counteract supply disruptions caused by the ongoing war with Iran. Data released by the Department of Energy on Monday showed the reserve held 298.7 million barrels as of Friday, a decline of 6.1 million barrels from the previous week.

The drawdown is part of a planned release of up to 182 million barrels authorized by the Trump administration in March, following the outbreak of conflict with Iran at the end of February. The war has disrupted oil tanker traffic through the Strait of Hormuz, prompting the government to tap the emergency reserve to stabilize markets and mitigate soaring fuel costs. The latest weekly drain of 6.1 million barrels was the largest in nearly two months, accelerating a recent trend.

The reserve now holds approximately 116 million fewer barrels than it did in mid-March, when inventories stood at about 415 million barrels. The last time the SPR was at a comparable level was in January 1983, during a period when the reserve was still being built up following...