US Strategic Petroleum Reserve Hits 1983 Low; 172 Million Barrels Released on Iran Supply Disruption

The US Department of Energy reported Monday that the Strategic Petroleum Reserve (SPR) fell by 6.1 million barrels last week to 298.7 million barrels, the lowest level since January 1983. The drawdown, which widened from the prior week's decline of 2.8 million barrels, marked the largest weekly outflow in nearly two months. The reserve stood at approximately 415 million barrels before the United States and Israel attacked Iran on February 28, 2026.

In March 2026, President Trump ordered the release of 172 million barrels from the Strategic Petroleum Reserve to address oil supply disruptions caused by Iran's blockade of the Strait of Hormuz. The release was part of a coordinated action by the International Energy Agency, whose member countries collectively deployed 400 million barrels of crude to support global markets, the largest reserve mobilization in the agency's history. Global oil inventories remain under pressure from the ongoing conflict with Iran, and the rapid depletion of US strategic reserves further underscores the prevailing supply tightness.