Strategic Petroleum Reserve, below 300 million barrels - US records lowest level since 1983
The U.S. Strategic Petroleum Reserve fell to 298.7 million barrels last week, falling below 300 million barrels for the first time in more than four decades, according to figures released by the Energy Department. The reserve lost 6.1 million barrels in one week.
The production decline dates back to a 172 million barrel release that President Donald Trump authorized in March, following Iran’s move to restrict oil shipments through the Strait of Hormuz. Before the U.S. and Israel launched their attack on Iran on Feb. 28, the reserve held about 415 million barrels. The reserve has an authorized capacity of 714 million barrels.
The US oil release fits into a broader effort coordinated by the IEA, in which member countries have collectively committed 400 million barrels to global markets - a scale of emergency stockpile mobilization that the organization has never undertaken before.
The inventory decline has drawn attention to the physical condition of the reserve, as well as its supply levels. A Government Accountability Office report released in early July found that the SPR could only draw oil at about 61% of its originally targeted rate as of December 2025, while its capacity to accept returned crude had fallen to 56% of design specifications, according to S&P Global.
Instead of outright sales, the current deal works through a lending mechanism: the government releases crude oil to companies that must return the same volume plus a premium at a later date, according to S&P Global. The Energy Department has contracted for more than 133 million barrels, with repayment premiums as high as 28% for individual deals.
The reserve remains above its statutory minimum of 252.4 million barrels, which limits some withdrawals under the Energy Policy and Conservation Act.
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