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U.S. Strategic Oil Reserves Reach 1983 Low
The United States' strategic oil reserves have fallen to their lowest level since 1983, reaching approximately 305 million barrels by the end of July 2026. This decline resulted from a significant drawdown to compensate for oil supply disruptions following American attacks on Iran in February 2026. Markets experienced a supply shortfall of about 20 million barrels per day due to the circumstances, prompting the United States and the International Energy Agency to respond with efforts to draw from stockpiles. It is expected that if the full withdrawal program continues, reserves could decrease further to around 243 million barrels, making this the lowest level since data collection began in 1982.
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