U.S. Petroleum Reserve at 1982 Low
The United States continued to draw down its strategic petroleum reserve, which amounted to 285.4 million barrels at the end of the week ending September 4th, reaching the lowest level since November 1982 when it was 284.9 million barrels. This decline reflects an ongoing hemorrhage of inventories that were estimated at around 415 million barrels prior to the start of the U.S. war against Iran last February, which led to the closure of the Strait of Hormuz and disrupted about 20 million barrels per day of oil supplies. In an effort to compensate for the shortage, the Trump administration executed an unprecedented drawdown of 172 million barrels over approximately 120 days to address geopolitical tensions and the escalating global energy crisis. Notably, the largest U.S. emergency reserve, established in 1975, has a maximum capacity of 714 million barrels, but it now covers only about 40% of its storage capacity.
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