US strategic oil reserve continues decline, hits lowest level since 1982

Crude oil stocks in the US Strategic Petroleum Reserve (SPR) fell below 290 million barrels last week, reaching their lowest level since 1982, official data showed Monday.

The reserve declined by about 3.7 million barrels to 289.7 million barrels as of Aug. 21, down from 293.4 million barrels a week earlier, according to the US Department of Energy.

The latest inventory comprised 98.7 million barrels of sweet crude and 191 million barrels of sour crude.

The reserve is now filled to around 41% of its authorized storage capacity of 714 million barrels.

Historical data from the US Energy Information Administration showed the SPR last held less crude in November 1982, when inventories stood at 288.2 million barrels.

The stockpile has fallen by more than 125 million barrels, or about 30%, since late February, when it contained approximately 415.4 million barrels.

The decline reflects continued releases under an emergency program announced in March in response to Middle East supply disruptions and restrictions on shipments through the Strait of Hormuz.

US President Donald Trump authorized the release of 172 million barrels from the reserve as part of a coordinated International Energy Agency initiative to make 400 million barrels of oil and petroleum products available to global markets.

The Energy Department’s data showed 15.1 million barrels had been released from the SPR so far in August, following drawdowns of 17.4 million barrels in July, 33 million in June and 39.4 million in May.