Stocks of oil in US Strategic Petroleum Reserve falls to lowest since 1983
The US Strategic Petroleum Reserve has fallen to its lowest level since 1983, with stocks now at 340.3 million barrels. The drawdown follows months of emergency releases to offset supply disruptions from the war with Iran. A newly agreed Iran deal may ease pressure on global oil markets. Official data confirms the depletion reflects sustained government intervention to stabilize prices.
What changed
Stocks dropped to 340.3 million barrels after an 8.9 million-barrel release last week, marking the lowest level since records began in 1983.
Live updates
-
US Strategic Petroleum Reserve hits 43-year low amid Iran crisis
confidence 98%The US Strategic Petroleum Reserve has fallen to its lowest level since 1983, with stocks now at 340.3 million barrels. The drawdown follows months of emergency releases to offset supply disruptions from the war with Iran. A newly agreed Iran deal may ease pressure on global oil markets. Official data confirms the depletion reflects sustained government intervention to stabilize prices.
What's confirmed:
- The US Strategic Petroleum Reserve now holds 340.3 million barrels, its lowest level since 1983, according to Department of Energy data.
- The latest drawdown followed the release of 8.9 million barrels during the week ending June 12.
- Emergency releases have accelerated due to supply disruptions caused by the ongoing conflict with Iran.
- The Trump administration has used SPR releases to mitigate rising oil prices and inflation concerns.
- Global oil inventories are reported to be depleting rapidly due to the Iran war, according to industry executives.
Still unconfirmed:
- The Iran deal was finalized just in time to prevent further depletion of the reserve, though no official confirmation of its terms has been released.
- The reserve may have fallen even lower than 340.3 million barrels in some reports, with figures ranging up to 349.2 million barrels in conflicting accounts.