US crude oil stocks held in the Strategic Petroleum Reserve have fallen to their lowest level in more than four decades, as continued drawdowns are used to meet global market needs and curb rising fuel prices — reflecting ongoing pressures on global energy supplies.
Data from the US Department of Energy showed that strategic reserve stocks fell by 6.2 million barrels in the week ending 3 July, reaching 319.5 million barrels — the lowest level since April 1983.
The decline is part of a US programme to release 172 million barrels from the strategic reserve, aimed at supporting global supplies and offsetting shortfalls that have affected markets since the outbreak of the war in Ukraine, as well as helping to contain fuel prices and ease inflationary pressures.
The Strategic Petroleum Reserve is the world's largest emergency crude oil stockpile, used to bolster US energy security during crises or global supply disruptions. However, the sustained pace of withdrawals has pushed stocks to levels not recorded in more than 40 years.
The data also show that total US oil inventories — encompassing both commercial stocks and the strategic reserve — have fallen by approximately 120.71 million barrels since the outbreak of the war at the end of February, standing at 734 million barrels as of 26 June, the lowest level since 1984.
Investors are closely monitoring these developments at a time when oil markets are in a state of cautious balance between improving supplies from some producers and continuing geopolitical risks, making US inventory levels one of the most prominent indicators of market conditions in the period ahead.