La Jornada: The US strategic crude oil reserve fell to 1983 levels

Houston. The US strategic reserve (SPR) lost 5.5 million barrels, to 325.7 million barrels, the lowest level since May 1983, according to Department of Energy data.

The reductions are part of a U.S. deal to release 172 million barrels from the stockpile to cover a shortfall in global inventories following the Iran war and help lower fuel prices.

U.S. crude oil storage has declined rapidly in recent weeks due to strong export and refining demand for U.S. oil.

Since the war began in late February, the nation’s total reserves, including commercial and strategic reserves, have fallen 111.4 million barrels, to 743.3 million barrels as of June 19, the lowest level since 1984.

About half of the hydrocarbon released from the SPR is exported, and the key foreign buyers are mainly from Europe (such as the United Kingdom and the Netherlands) and Asia (China, India, Japan and South Korea).

Although the fossil fuel comes from US reserves, much of this crude oil is purchased by large global energy corporations or their subsidiaries.

However, during the war with Iran in the Middle East, the oil released from the strategic reserve to stabilize the market was not sold directly to foreign countries, but was loaned to global energy companies on the condition of being returned with a surplus. The crude oil was mainly destined for destinations with high refining demand.

This strategy was carried out to compensate for global supply disruptions caused by the closure of the Strait of Hormuz and attacks on energy infrastructure during the conflict.

The United States began to open its strategic reserve on March 11, 2026. The measure authorized by President Donald Trump’s administration progressively released 172 million barrels of crude oil to mitigate the economic and energy consequences derived from the war against Iran that began at the end of February 2026.