Oil in U.S. Strategic Petroleum Reserve falls below 300 million barrels, lowest since 1983

Crude oil stocks in the U.S. Strategic Petroleum Reserve have fallen below 300 million barrels, the lowest level in more than four decades, as global inventories are under pressure due to the Iran war. The SPR fell by 6.1 million barrels to 298.7 million barrels last week, according to data released by the Department of Energy on Monday. The reserve is at its lowest level since January 1983. President Donald Trump ordered the release of 172 million barrels in March after Iran choked oil exports through the Strait of Hormuz, triggering the largest crude supply disruption in history. The U.S. release is part of a coordinated action by countries in the International Energy Agency to support the global oil market with 400 million barrels, the largest deployment of crude stocks in the organization's history. The SPR stood at around 415 million barrels before the U.S and Israel attacked Iran on Feb. 28. This is breaking news. Please refresh for updates.