Crude oil stocks in US SPR fall to over four-decade low

Key Points:

• The U.S. Strategic Petroleum Reserve (SPR) has dropped to its lowest level since 1983, with inventories falling to 298.7 million barrels due to recent releases authorized by the Trump administration amid tensions from the Iran war.
• SPR stocks have declined significantly from about 415.4 million barrels in mid-March 2026, following a release of up to 172 million barrels intended to offset disruptions in tanker traffic through the Strait of Hormuz.
• This recent drawdown follows a historic reduction starting in early 2022, when the Biden administration authorized a release of 180 million barrels in response to Russia's invasion of Ukraine, causing reserves to fall from around 600 million barrels to 375 million barrels by year-end.
• The SPR, established in 1975 with an authorized capacity of about 714 million barrels, is stored in underground salt caverns designed for cost-effectiveness, environmental safety, and security, but faces maintenance challenges highlighted by a recent Government Accountability Office report.
• In response to these challenges, the 2025 One Big Beautiful Bill Act allocated $171 million for petroleum acquisitions and $218 million for SPR maintenance to support long-term management and inventory strategies.