U.S. Strategic Petroleum Reserve Falls to Lowest Level Since 1983

The U.S. Strategic Petroleum Reserve fell by 3 million barrels to its lowest level since 1983, extending government drawdowns as overall U.S. crude inventories continue to decline.

(Reuters) — Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3 million barrels last week to 316.5 million barrels, the lowest level since April 1983, according to data from the Department of Energy.

The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility. Since the U.S.-Israeli war on Iran began at the end of February, SPR inventories have fallen by 98.9 million barrels as of July 10.

Overall U.S. inventories, including commercial and SPR stocks, have fallen by 123.9 million barrels to 730.8 million barrels as of July 3, the lowest since 1984. The latest data to the end of last week is expected on July 15.