U.S. Strategic Petroleum Reserve Hits Lowest Level Since 1982

The U.S. Strategic Petroleum Reserve has hit its lowest level since October 1982, with crude stocks standing at just 283.8 million barrels for the week ending September 18.

This marks a new multi-decade low for the reserve, which had previously fallen below 300 million barrels in early August.

The current drawdown began in March when President Trump authorized a 172 million-barrel release as part of a coordinated effort with other IEA member countries. This move was expected to take around 120 days and refill about 200 million barrels within a year at no cost to taxpayers.

Ben Cahill, an energy analyst at the Atlantic Council, has warned that releasing more oil into the market may carry diminishing returns, as it can create a perception of running out of options.