US Strategic Reserve Hits 44-Year Low Amid Ongoing Mideast Tensions

The U.S. Strategic Petroleum Reserve has fallen to its lowest level since October 1982, dropping to 283.8 million barrels as of September 25.

This represents a decline of roughly 32% from the 415.4 million barrels held in mid-March and a cumulative drop of 61% from the historical peak of 726.6 million barrels at the end of 2009.

The drawdown began on March 11, when Washington committed to releasing up to 172 million barrels of crude as part of an International Energy Agency-coordinated effort to counter the U.S.-Israel-Iran conflict that has squeezed global oil supply and disrupted shipping through the Strait of Hormuz.