U.S. Strategic Petroleum Reserve falls to lowest level since 1983

The United States Strategic Petroleum Reserve (SPR) declined to 319.5 million barrels as of July 3, the lowest inventory since April 1983. The latest weekly draw removed 6.2 million barrels, part of a broader plan that could release up to 172 million barrels to address global supply gaps caused by the conflict with Iran.

Total U.S. crude oil inventories, including commercial stocks, fell to 734 million barrels, the lowest combined level since 1984. With a maximum capacity of 714 million barrels, the SPR now holds less than half of its design size, reducing the emergency backstop for refiners and heightening risk if another disruption—such as a refinery outage or shipping constraint—occurs.