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U.S. oil reserve hits 1982 low
The U.S. strategic petroleum reserve decreased to 293.4 million barrels in the week ending August 14, 2026, marking the lowest level since 1982. This decline has been ongoing since the beginning of the year due to the withdrawal of large quantities to compensate for supply shortages following the closure of the Strait of Hormuz amidst the ongoing U.S.-Iran conflict. This represents the largest decrease in a decade; at the start of the year, stocks exceeded 3.7 billion barrels, and the previous low was 293.214 million barrels in December 1982. The reserve was established as an emergency stockpile by the U.S. government after the 1973 crisis to ensure supplies in emergency situations.
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