Overview
New Department of Energy data released Monday show the United States Strategic Petroleum Reserve (SPR) decreased by 6.2 million barrels in the week that ended July 3, bringing total SPR holdings to 319.5 million barrels. That level is reported as the lowest recorded since April 1983.
Planned releases and stated aims
The decline in the SPR is part of a broader U.S. initiative to release 172 million barrels from the reserve. According to the information provided with the DOE figures, the stated purpose of that release is to address shortages in global oil supplies following the Iran war and to reduce fuel prices.
Combined inventories
When commercial crude stocks are combined with the Strategic Petroleum Reserve, total U.S. oil inventories have fallen by 120.71 million barrels since the war began in late February. The combined inventory level was recorded at 734 million barrels as of June 26, which the DOE data identifies as the lowest such total since 1984.
Context and limitations
The numbers reported here come directly from Department of Energy data released on Monday. They reflect weekly changes in the SPR and aggregated inventory figures as of the specified dates. The data include a specific plan to release 172 million barrels from the reserve; no additional figures, timelines, or future projections beyond what is stated in the DOE release are provided in the source material.
Brief note
The figures in this report are drawn from the Department of Energy release and are presented without additional interpretation beyond the DOE's statements about the intended purposes of the planned SPR releases.