Houston: Crude oil stocks in the US Strategic Petroleum Reserve have fallen to their lowest level since 1982, as government data revealed a decline of approximately 5.3 million barrels last week. The reserve now holds 293.4 million barrels of crude oil as of August 14, a significant drop from 298.7 million barrels the previous week.
According to Anadolu Agency, the latest figures from the US Department of Energy indicate that the current reserves consist of 100.9 million barrels of sweet crude and 192.5 million barrels of sour crude. Historical data from the US Energy Information Administration shows that the reserve last held such low levels of oil in December 1982, with inventories totaling 293.2 million barrels on December 31 of that year.
The Strategic Petroleum Reserve is currently filled to about 41% of its authorized storage capacity of 714 million barrels. This reserve, established in 1975 in response to past oil supply shocks, stores crude oil in underground salt caverns located at four sites along the Gulf coasts of Texas and Louisiana.
The recent decline in reserves is attributed to the Energy Department's ongoing release of crude oil under an emergency program initiated in March. This program was a response to supply disruptions caused by conflict with Iran and restricted shipments through the Strait of Hormuz. President Donald Trump authorized the release of 172 million barrels from the reserve as part of a coordinated effort by International Energy Agency member countries, aiming to inject 400 million barrels of oil and refined products into the global market.
From mid-March, US strategic inventories stood at approximately 415.4 million barrels, indicating a reduction of about 122 million barrels since then. Energy Department data shows that 11.4 million barrels have been released from the reserve in August so far, following withdrawals of 17.4 million barrels in July, 33 million in June, and 39.4 million in May. The reserve's nominal maximum drawdown capacity is 4.4 million barrels per day, although it takes roughly 13 days for oil to reach the market following a presidential decision.