US SPR Hits Lowest Level Since 1982 Amid Global Oil Market Concerns

The US Strategic Petroleum Reserve (SPR) has fallen to its lowest level since November 1982, according to data from the US Department of Energy. The reserve's crude oil stocks decreased by approximately 1.2 million barrels last week, reaching a total of 285.4 million barrels.

This decline is part of a plan by the US government to release 172 million barrels of oil from the SPR in coordination with member states of the International Energy Agency (IEA). The goal is to address the repercussions of the war in the Middle East and support oil supplies amid concerns over potential disruptions to global energy markets.

The latest drawdown brings the reserve's stocks to levels not seen in more than four decades, reflecting the continued depletion of the emergency oil stockpile. This has heightened concerns over energy supplies.