US strategic petroleum reserve falls to 307.7 million barrels, the lowest since March 1983

The latest weekly US Department of Energy data, reported on Tuesday 28 July 2026, showed crude stocks in the US Strategic Petroleum Reserve fell by about 3.7 million barrels last week to 307.7 million barrels. That is the lowest level for the reserve since March 1983.

According to Reuters, the drawdowns are part of a US agreement to release 172 million barrels from the facility. The steady decline narrows Washington's room to influence global oil prices, which matters both for the world oil market and for Iran's economy at a time of supply disruption in West Asia.