US Strategic Oil Reserves Reach Lowest Level Since 1983

U.S. strategic oil reserves fell to their lowest level since 1983 The United States’ Strategic Petroleum Reserve fell by 3 million barrels last week to 316.5 million barrels, the lowest level recorded since 1983. According to data from the U.S. Department of Energy, the reserves now hold less than half of their maximum capacity of about 727 million barrels. The decline comes as the United States has, since last March, authorized the release of 172 million barrels from these reserves in response to oil supply disruptions caused by the war against Iran. The main factor behind this decline is the U.S. and Israeli war against Iran.