US Strategic Petroleum Reserve Drops to 283.8 Million Barrels, Lowest Level Since 1982

U.S. Strategic Petroleum Reserve crude inventories dropped to 283.8 million barrels, reaching their lowest level since October 1982, official data showed. Stockpiles stood at 284.6 million barrels for the week ending September 18 before declining further, down sharply from 406.0 million barrels a year earlier after dipping below 300 million barrels in early August. The ongoing reduction stems from a 172 million-barrel release authorized in March as part of a 400 million-barrel coordinated effort by 32 IEA member nations. The reserve is now testing operational limits of 250 to 300 million barrels, near its statutory floor of 252.4 million barrels.