U.S. SPR Drops to 325.7 M Barrels, Lowest Since 1983

Overview

The U.S. Department of Energy data shows the Strategic Petroleum Reserve (SPR) inventory declined by 5.5 million barrels, reaching 325.7 million barrels, the lowest level recorded since May 1983.

Drawdown Program

The reduction forms part of a bilateral agreement under which the United States will release a total of 172 million barrels from the SPR to address a shortfall in global oil inventories that emerged after the Iran‑Ukraine war and to help bring down fuel prices.

Broader U.S. Crude Stock Situation

Strong export activity and robust refining demand have accelerated the drawdown of U.S. crude stocks in recent weeks. Since the conflict began at the end of February, combined U.S. crude inventories—including commercial stocks and the SPR—have fallen by 111.4 million barrels, reaching 743.3 million barrels as of 19 June 2026. This combined inventory level is the lowest observed since 1984.

Market Implications

The steep decline in both SPR and overall U.S. crude inventories tightens global oil supply buffers, potentially supporting higher crude prices until the scheduled releases are completed.