The US Strategic Petroleum Reserve (SPR) has fallen to its lowest level in 44 years amid releases of oil from the reserve aimed at stabilizing the market, Reuters reports.
According to data from the US Department of Energy, crude oil stocks in the country’s Strategic Petroleum Reserve fell to 283.8 million barrels last week. This is the lowest level since October 1982.
The decline in reserves is part of a US agreement to release 172 million barrels of oil from the SPR.
According to the report, the Strategic Petroleum Reserve, established in 1975, has a total storage capacity of 714 million barrels.
It should be noted that in March, US President Donald Trump ordered the release of 172 million barrels of oil from the reserve after Iran restricted oil exports through the Strait of Hormuz. The move came amid the largest disruption to crude oil supplies in history.
According to the US Department of Energy, the minimum volume of oil required to ensure the safe operation of the SPR is approximately 70 million barrels.
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