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The SPR shed 6.1 million barrels last week, reaching its lowest level since January 1983 amid ongoing withdrawals tied to the Iran war
The U.S. Strategic Petroleum Reserve dropped to 298.7 million barrels last week, crossing below the 300 million-barrel mark for the first time in over four decades, based on figures the Department of Energy published Monday. The reserve shed 6.1 million barrels in a single week.
The drawdown traces back to a 172-million-barrel release that President Donald Trump authorized in March, following Iran's move to restrict oil shipments through the Strait of Hormuz. Before the U.S. and Israel launched their attack on Iran on Feb. 28, the reserve held approximately 415 million barrels. The reserve has an authorized capacity of 714 million barrels.
The U.S. release fits within a broader IEA-coordinated effort in which member nations have collectively committed 400 million barrels to global markets — a scale of emergency stock mobilization the organization has never before undertaken.
