Oil in U.S. Strategic Petroleum Reserve falls below 300 million barrels, lowest since 1983
In an aerial view, the Strategic Petroleum Reserve storage at the Bryan Mound site is seen on October 19, 2022 in Freeport, Texas.
Brandon Bell | Getty Images
Crude oil stocks in the U.S. Strategic Petroleum Reserve have fallen below 300 million barrels, the lowest level since 1983, as global inventories are under pressure due to the Iran war.
The SPR fell by 6.1 million barrels to 298.7 million barrels last week, according to data released by the Department of Energy on Monday.
President Donald Trump ordered the release of 172 million barrels in March to help address the oil supply disruption triggered by Iran’s attacks on tankers in the Strait of Hormuz.
The U.S. release is part of a coordinated action by countries in the International Energy Agency to support the global oil market with 400 million barrels.
The SPR stood at around 415 million barrels before the U.S and Israel attacked Iran on Feb. 28.
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