US says strategic petroleum reserve at lowest level in over 40 years
CommodityGeopolitics Impact 4
The US Department of Energy said crude oil in the Strategic Petroleum Reserve fell by 5.3 million barrels last week to its lowest level since 1982. As of August 14, crude oil in the reserve stood at 293.4 million barrels, down from 298.7 million barrels the previous week. The last time the reserve held less oil was December 1982, when it stood at 293.2 million barrels. The SPR currently holds about 41 percent of its total capacity of 714 million barrels. The latest drawdown took place under an emergency program announced in March to address supply disruptions from the war between the United States and Iran and restricted shipping through the Strait of Hormuz. President Donald Trump approved the release of 172 million barrels from the reserve as part of a coordinated effort by International Energy Agency member countries to bring 400 million barrels of oil and refined products to the global market. Since mid-March, the reserve has declined by about 122 million barrels.
