US Strategic Petroleum Reserve falls to 1983 low as Iran war strains supply

The United States' Strategic Petroleum Reserve (SPR) has been drawn down by almost 25% over the past 17 weeks, falling to 311.4 million barrels – the lowest level since 1983. President Joe Biden authorized a 200‑million‑barrel release, including an emergency 180‑million‑barrel draw on March 31, 2022, following Russia’s invasion of Ukraine, and the Biden administration recorded the largest sustained drawdown in its history.

The depletion coincides with oil prices breaching $100 a barrel as Houthi rebels attack shipping in the Red Sea, tightening global supplies. Analysts warn the SPR’s usable oil may be less than official figures suggest, and a Government Accountability Office report highlights the aging infrastructure needed to maintain the reserve.

The drawdown underscores growing pressure on U.S. fuel supplies amid the Iran‑related conflict and heightened market volatility.