US Strategic Petroleum Reserve Hits Lowest Level Since 1983
The United States Strategic Petroleum Reserve (SPR) has fallen to 319.5 million barrels, its lowest level since 1983, following a decrease of 6.2 million barrels in the week ending July 3. This decline occurs amid rising tensions with Iran and concerns over global oil supply stability. Brent crude prices have surged, reaching $78.02 per barrel, a 5.2 percent increase from the previous day. The SPR, established in 1975, serves as an emergency stockpile to mitigate supply disruptions. Currently, the US produces more oil than any other country, yet global market dynamics mean that tensions affecting oil supply routes, such as the Strait of Hormuz, can still impact prices domestically. Experts warn that the reserve's low level limits the government's ability to respond effectively to future crises.
Published 2 days ago • 10 Jul 2026, 12:28 AM IST