Crude oil inventories in the US Strategic Petroleum Reserve (SPR) have fallen below 300 million barrels, reaching the lowest level in more than 40 years.
As FinFly.News reports, citing the US Department of Energy, over the past week SPR oil inventories decreased by 6.1 million barrels to 298.7 million barrels. This is the lowest level since January 1983.
According to the department, the total capacity of the Strategic Petroleum Reserve, established in 1975, is 714 million barrels.
It is noted that in March, US President Donald Trump ordered the use of 172 million barrels of oil from the reserve after Iran restricted oil exports through the Strait of Hormuz. This step was taken amid the largest disruption in crude oil supply in history.
The reduction in SPR inventories has raised questions about whether US strategic oil reserves are approaching depletion. According to the US Department of Energy, the minimum volume of oil required for the safe operation of the SPR is about 70 million barrels.