Crude oil stockpiles in the US Strategic Petroleum Reserve (SPR) have fallen below 300 million barrels, the lowest level in more than four decades, as global inventories stay under pressure due to the Iran war and the closure of Strait of Hormuz.
The SPR fell by 6.1 million barrels to 298.7 million barrels last week, according to data released by the US Department of Energy on Monday. The reserve, created in 1975, is at its lowest level since January 1983.
President Donald Trump ordered the release of 172 million barrels in March after Iran choked off oil exports through the Strait of Hormuz, triggering the largest disruption of crude oil supplies in history.
#World | Oil prices jump 5% as US strategic reserve falls below 300 mn barrels, lowest since 1983
— Moneycontrol (@moneycontrolcom) August 11, 2026
The US Strategic Petroleum Reserve has fallen below 300 million barrels for the first time since 1983, as the Iran war disrupts global oil supplies and fuels concerns over energy…
The drawdown in the SPR, whose authorized storage capacity is 714 million barrels, has raised questions about whether US government stockpiles are on the verge of depletion. The minimum amount of oil needed to safely operate the SPR is about 70 million barrels, an Energy Department spokesperson told CNBC in July.
Source: Agencies (edited by Al-Manar)