U.S. Strategic Petroleum Reserve stocks have fallen below 300 million barrels—to their lowest level since 1983
Crude oil stocks in the U.S. Strategic Petroleum Reserve have fallen below 300 million barrels. According to the U.S. Department of Energy, the reserve decreased by 6.1 million barrels last week, to 298.7 million barrels.
This is the lowest level since January 1983, CNBC reports. The publication notes that global oil reserves are under pressure amid the conflict involving Iran.
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According to CNBC, U.S. President Donald Trump ordered the release of 172 million barrels of oil from the Strategic Petroleum Reserve in March. This came after Iran restricted oil exports through the Strait of Hormuz. CNBC describes the situation as the largest disruption to crude oil supplies in history.
The release of U.S. reserves is part of coordinated efforts by International Energy Agency member countries to support the global oil market, involving a total of 400 million barrels. Prior to the U.S. and Israeli attack on Iran on February 28, the U.S. strategic reserve held approximately 415 million barrels of oil.
