economy

Strategic petroleum reserve drops to lowest level since 1983 amid Iran fallout

Emergency stockpiles of crude oil in the United States have hit the lowest level they have been since the 1980s, as the oil and gas markets grapple with the fallout from the war in Iran.

Strategic petroleum reserve drops to lowest level since 1983 amid Iran fallout

TL;DR

  • US emergency oil stockpiles are at their lowest level since 1983.
  • The war in Iran disrupted over 11 million barrels per day of oil trade.
  • The Strait of Hormuz, a critical oil transit channel, has been effectively closed since February.
  • The U.S. plans to release 172 million barrels from the Strategic Petroleum Reserve (SPR).
  • The SPR was established in 1975 to protect U.S. markets and supply.

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