War depletes US strategic oil reserves — lowest level since 1983
The US Strategic Petroleum Reserve (SPR) has fallen below 300 million barrels, reaching its lowest level since 1983. Amid the war with Iran and concerns over the Strait of Hormuz, oil prices have jumped by 4%.
The US Strategic Petroleum Reserve (SPR) has fallen below 300 million barrels, its lowest level since 1983. This comes as global oil inventories face significant pressure following the war with Iran.
These developments occur alongside doubts regarding an agreement in the Strait of Hormuz between the Americans and the Iranians: the price of a barrel of oil is currently jumping by 4%, with WTI exceeding 81 dollars per barrel and Brent surpassing 86 dollars. According to data published today by the US Department of Energy, the US strategic reserve decreased last week by 6.1 million barrels to 298.7 million barrels.
US President Donald Trump ordered the release of 172 million barrels from the strategic reserve in March to address supply disruptions caused by Iranian attacks against tankers in the Strait of Hormuz. This decision placed the reserves at risk of falling to record lows at that time. The release of oil from US stocks is part of a coordinated move by member countries of the International Energy Agency (IEA) to inject 400 million barrels into the global oil market. The US strategic reserve stood at approximately 415 million barrels before the start of US and Israeli attacks in Iran on February 28 of this year.
