US Strategic Petroleum Reserve Drops to 282.7 Million Barrels, Lowest Level Since 1982

U.S. Strategic Petroleum Reserve crude inventories dropped to 282.7 million barrels last week, reaching their lowest level since October 1982. The emergency reserve is now operating at less than 40% of its 714 million barrel authorized capacity. The drawdown reflects an ongoing U.S. commitment to release 172 million barrels, part of a coordinated 400 million barrel action by 32 International Energy Agency nations to address supply disruptions linked to the war with Iran. Approximately 130 million barrels have been removed so far, with participating companies scheduled to eventually return around 200 million barrels under exchange agreements.