US strategic petroleum reserve falls to 298.7mn barrels, lowest since 1983
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The US Strategic Petroleum Reserve dropped to 298.7 million barrels last week, falling below 300 million barrels for the first time since 1983, the Energy Department said. The reserve fell by 6.1 million barrels in the week, marking the lowest level since its creation in 1977.
Decline to Historic Low
The U.S. strategic reserve, which has a total capacity of 713.5 million barrels, stood at 415 million barrels when the Iran conflict began. Over 2026, the Energy Department has coordinated with the International Energy Agency to release 172 million barrels onto the market. Last week alone, the reserve shed 6.1 million barrels, bringing it to its lowest point since the facility was established in 1977.
Previous Depletions
The reserve had already fallen sharply from its peak of 726 million barrels in 2010 due to mandated sales and emergency releases. Pandemic-era releases in 2020 and the Biden administration’s drawdowns during the Ukraine crisis in 2022-2023 reduced levels to around 370 million barrels before the Iran emergency. The current level now stands at roughly 40% of total capacity.
What's Next
The Biden administration has not announced any plans to replenish the reserve, and with the Strait of Hormuz still blocked, further releases may be required to stabilize global markets. Analysts warn that a prolonged standoff with Iran could push the reserve to critically low levels, testing U.S. energy security.
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US strategic petroleum reserve falls to 298.7mn barrels, lowest since 1983
