Key facts
- US Strategic Petroleum Reserve crude oil stocks have fallen to 340.3 million barrels.
- This is the lowest level for the reserve since 1983.
- The current drawdowns are part of a larger US agreement to release 172 million barrels from the facility.
- Inventories fell by 8.9 million barrels, marking the third steepest draw on record.
Crude oil stocks held in the U.S. Strategic Petroleum Reserve (SPR) have fallen to 340.3 million barrels, reaching their lowest point since 1983. This marks a significant drawdown, with inventories decreasing by 8.9 million barrels in a recent period, representing the third steepest draw on record.
The current depletion is part of a broader U.S. initiative to release a total of 172 million barrels from the emergency reserve. This strategy is being employed to manage global oil supply and potentially curb domestic price increases, especially amid ongoing geopolitical tensions and concerns about global energy markets.
Experts note that reaching such multi-decade lows reduces the administration's tools for managing energy market disruptions. The SPR, established in response to the 1970s oil embargo, has seen its reserves fluctuate significantly over the years, peaking at over 726 million barrels in 2009. In comparison, China holds the world's largest strategic and commercial oil inventory, estimated at 1.4 billion barrels.