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 since 1983, 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.

President Donald Trump ordered the release of 172 million barrels in March to help address the oil supply disruption triggered by Iran’s attacks on tankers in the Strait of Hormuz.

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