The US Strategic Petroleum Reserve has dropped below 300 million barrels for the first time since 1983, reaching approximately 304.8 million barrels by late July 2026. This decline follows emergency releases tied to the US-Iran conflict and the closure of the Strait of Hormuz, through which roughly one-fifth of the world’s oil supply typically flows. In March 2026, former President Trump authorized the release of 172 million barrels, which is expected to bring SPR levels to around 243 million barrels, roughly one-third of its maximum capacity of 714 million barrels. At the reserve’s maximum drawdown rate of 4.4 million barrels per day against US consumption of approximately 20 million barrels daily, the SPR could be depleted in about 55 days.
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