Washington: The US Strategic Petroleum Reserve (SPR), the nation's emergency crude oil stockpile, has decreased to its lowest point in 43 years following significant drawdowns intended to alleviate supply pressures during the Iran war.

According to Anadolu Agency, federal energy data from the US Energy Information Administration (EIA) revealed that the reserve has fallen to 340.3 million barrels, marking the lowest level since July 1983 when the US was still in the process of building its emergency stockpile. The SPR is housed in underground salt caverns along the US Gulf Coast and is designed to supply crude oil during severe market disruptions.

The recent decline follows a series of releases from the reserve over recent months. The US extracted 0.4 million barrels in March, 20.3 million barrels in April, 39.4 million barrels in May, and 15.1 million barrels so far in June, based on federal data. The latest public weekly data from the EIA showed SPR crude stocks at 349.2 million barrels by the week ending June 5, a decrease from 357.1 million barrels the previous week.

This reduction is a consequence of the Trump administration's decision in March to authorize the release of 172 million barrels from the SPR as part of a coordinated International Energy Agency (IEA) effort to stabilize energy markets after the Middle East conflict disrupted global oil supplies. Washington stated that the US release was part of a larger 400 million-barrel coordinated move by IEA member countries involving both crude oil and refined products.

During the conflict, the SPR played a crucial role in stabilizing oil and gasoline markets, as supply concerns led to a sharp increase in energy prices and heightened fears regarding shipments through the Strait of Hormuz, a key transit route for oil and liquefied natural gas. The reserve has now dropped below the levels seen during the Biden administration, when large releases following Russia's invasion of Ukraine drew criticism from Republicans, notably Donald Trump, who was then a private citizen between his presidential terms.

Congress has mandated a minimum SPR level of 252.4 million barrels, although the president can authorize a drop below this threshold in emergencies. The reserve must also maintain enough crude to preserve operational flexibility. The SPR was established following the oil shocks of the 1970s to shield the US economy from major supply disruptions and reached a peak of over 726 million barrels in 2010, according to historical data from the EIA.