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US Strategic Petroleum Reserve drops to 340.3 million barrels, lowest level since 1983

The US Strategic Petroleum Reserve has fallen to 340.3 million barrels, the lowest level since 1983 and more than 60% below its peak. The drawdown followed three large releases aimed at easing fuel-price spikes triggered by the Iran war, including a record 172 million-barrel loan programme. The latest level is below the post-Russia-Ukraine invasion trough under former President Joe Biden’s administration, while stocks at Cushing, Oklahoma have slid to 21.6 million barrels near operational minimums. The reduced buffer has heightened market sensitivity to potential supply shocks.
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