US Strategic Petroleum Reserve Falls Below 300 Million Barrels, Lowest Level Since 1983 Amid Iran War

Crude oil stockpiles in the U.S. Strategic Petroleum Reserve (SPR) have dropped below 300 million barrels for the first time in more than four decades, reaching their lowest level since January 1983 as the Trump administration continues emergency releases to offset supply disruptions from the ongoing Iran war.

Department of Energy data released Monday showed the SPR fell by 6.1 million barrels last week to 298.7 million barrels. That includes about 105.3 million barrels of sweet crude and 193.4 million barrels of sour crude. The previous time holdings stood under the 300-million-barrel mark was the week ending Jan. 28, 1983, when inventories totaled roughly 298.4 million barrels.

The reserve, established in 1975 in the wake of the 1970s oil crises and stored in underground salt caverns along the Gulf Coast, held around 415 million barrels before the U.S. and Israel attacked Iran on Feb. 28. In March, President Trump ordered the release of 172 million barrels after Iran disrupted oil shipments through the Strait of Hormuz, a critical chokepoint that normally carries about a fifth of the world’s oil supply, triggering one of the largest crude supply disruptions on record.

So far, the administration has released about 116.6 million barrels of the planned total as part of a coordinated International Energy Agency effort involving roughly 400 million barrels from member nations’ stockpiles. The remaining releases are expected to continue for several more weeks, potentially taking the SPR down to around 243 million barrels once complete, well below half of its authorized 714-million-barrel capacity.

The drawdowns come as global inventories remain under pressure and U.S. commercial crude stocks have also tightened due to strong export and refining demand. Oil prices jumped more than 4% on Monday, with Brent crude climbing above $85 a barrel and WTI topping $80, amid fading hopes for a near-term deal to reopen the strait. President Trump indicated the U.S. is “low-keying” negotiations and watching Iran’s economic pressures, including high inflation.

Concerns are rising about the reserve’s readiness. A May Government Accountability Office report highlighted risks to operational capability from aging infrastructure. Officials have noted the minimum needed to keep the SPR functional is far lower, around 70 million barrels, yet the current trajectory leaves less buffer against further shocks. Declines are expected to persist for a few more weeks until the authorized release ends.

The SPR has seen heavier use in recent years than at any point in its history, following earlier large releases under the Biden administration during the Russia-Ukraine war that briefly took stocks to a multi-decade low near 347 million barrels. The current levels mark a new post-filling trough as the Middle East conflict continues to strain global energy markets.