U.S. Strategic Petroleum Reserve stocks have fallen below 300 million barrels to 298.7 million, their lowest level since January 1983. This 6.1 million barrel weekly drawdown is part of the 172 million barrel release ordered by President Donald Trump in March after Iran disrupted oil exports through the Strait of Hormuz. Once this release is completed, U.S. reserves will reach approximately 243 million barrels, down from 415 million before the strike on Iran on February 28. More than a quarter of the reserve is inaccessible due to construction outages and cavern outages, according to federal auditors.
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