US Strategic Petroleum Reserve Hits Lowest Level in 44 Years - Sarmad

U.S. strategic crude oil reserves fell to 283.8 million barrels last week, marking the lowest level since October 1982, according to data from the U.S. Department of Energy.

Drawdowns from the U.S. Strategic Petroleum Reserve following an agreement to release 172 million barrels from the facility drove domestic strategic oil reserves to their lowest point in roughly 44 years.

The U.S. Strategic Petroleum Reserve also hit its lowest level since October 1982, reaching 284.6 million barrels at the end of the week ending September 18, according to Energy Department data.

International Energy Agency (IEA) Executive Director Fatih Birol said in early September that the disruption of Russian gas supplies to Europe and supply issues through the Strait of Hormuz had dealt a massive shock to the global economy.

Established in 1975 in the wake of the 1973 Arab oil embargo amid the October 1973 war, the Strategic Petroleum Reserve has a maximum capacity of 714 million barrels, stored in salt caverns off the coast of the Gulf of Mexico. However, current stocks cover only about 40% of its storage capacity, as geopolitical tensions escalate and the global energy crisis deepens.