Data released by the US Department of Energy on the 10th shows that the US Strategic Petroleum Reserve fell below 300 million barrels last week, the lowest level in 43 years, as the Iran war continues to put pressure on global crude oil inventories.
According to the data, the US Strategic Petroleum Reserve (SPR) decreased by 6.1 million barrels last week to a total of 298.7 million barrels.
The US Strategic Petroleum Reserve was established by the US government in 1975 to prevent oil supply disruptions caused by unexpected security incidents, and it is now at its lowest level since January 1983.
In March this year, President Trump ordered the release of 172 million barrels of crude oil from the Strategic Petroleum Reserve to address the upward pressure on oil prices caused by the Iran conflict. US and Israeli military actions against Iran have obstructed oil exports through the Strait of Hormuz, leading to undersupply of crude oil and a surge in oil prices.
According to US media reports, the maximum capacity of the US Strategic Petroleum Reserve is 714 million barrels. The reserve was 415 million barrels before the Iran conflict, and after the completion of the release plan ordered by Trump, the remaining amount will be 243 million barrels.
A spokesperson for the Department of Energy told the media in July that the minimum amount of oil needed for the safe operation of the Strategic Petroleum Reserve is about 70 million barrels.