US Strategic Petroleum Reserve drops to lowest level since 1983

HOUSTON: Crude oil inventories in the US Strategic Petroleum Reserve (SPR) fell by around 3 million barrels last week to 316.5 million barrels, their lowest level since April 1983, according to data released by the US Department of Energy.

The latest decline is part of a government programme to release 172 million barrels from the emergency reserve. Since the US-Israeli conflict with Iran began at the end of February, SPR inventories have decreased by 98.9 million barrels as of July 10.

Including both commercial inventories and the Strategic Petroleum Reserve, total US crude oil stocks stood at 730.8 million barrels as of July 3, down 123.9 million barrels and the lowest level since 1984.

The US Department of Energy is expected to release updated inventory data for the week ending last week on Wednesday.

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