US Strategic Petroleum Reserve falls to 293.4 million barrels, lowest since 1982

The U.S. Strategic Petroleum Reserve remains near 300 million barrels after emergency crude releases launched in response to supply disruptions linked to the conflict with Iran and threats to oil flows through the Strait of Hormuz. Energy Secretary Chris Wright said the reserve currently holds about 300 million barrels, down from around 400 million before the conflict, and said inventories would rise once the fighting ends through exchange agreements that do not require new taxpayer funding. Since the conflict escalated in late February 2026, the U.S. has released 172 million barrels from the SPR. Inventories fell from roughly 349 million barrels in June 2026 to between 298 million and 305 million barrels by August, leaving the reserve less than 42% full against its roughly 714 million-barrel capacity. Wright said the drawdown was necessary to offset real supply disruption as the Strait of Hormuz, a route for about a fifth of global oil flows, became a critical bottleneck. The replenishment plan relies on exchanges with commercial oil companies that borrow crude during tight market conditions and must return 1.25 barrels for every barrel taken. Wright said those repayments should add about 40 million barrels, pushing the reserve above 340 million barrels. He also said U.S. military operations have helped keep about 7 million barrels per day of oil moving out of the Persian Gulf, underscoring how vulnerable current flows remain. At current U.S. oil consumption of about 20 million barrels per day, a 300 million-barrel stockpile covers roughly 15 days of demand, well short of the International Energy Agency's 90-day net import coverage benchmark for member countries.