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. The reserve, established in 1975 after an oil embargo triggered an energy crisis, can hold up to 714 million barrels. The Biden administration released 180 million barrels in 2022 following Russia's invasion of Ukraine. Despite the low levels, Tom Kloza, chief oil analyst at Gulf Oil, expressed little concern, stating the U.S. appears to be in decent shape.