US oil reserve hits 44-year-low amid Iran war, global energy shortage
Draws tied to the Iran war and other supply strains left the reserve 445 million barrels below maximum capacity, officials said.
- The Strategic Petroleum Reserve fell 3.1 million barrels last week to 286.6 million barrels, marking the lowest level since the early 1980s amid ongoing tensions with Iran.
- Efforts to negate the closure of the Strait of Hormuz have cost the United States more than 120 million barrels in storage throughout 2026, as refineries operate near full capacity during the war.
- America's oil reserves, held in underground salt caverns in Texas and Louisiana, face escalated structural risks as inventory levels drop below 300 million barrels, experts warn.
- President Donald Trump is touting a deal to control 17 Venezuelan oilfields that would potentially boost output by 1.5 million barrels per day to stabilize energy markets.
- Analysts at Jefferies warn that legal and execution risks remain high, with any major production uplift from these oilfields likely years away and unable to address immediate supply shortages.
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U.S. Crude Inventories Drop amid Continued SPR Draws
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 2.6 million barrels in the week ending August 28. In the week prior, US crude oil inventories rose by 4.2 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last twenty weeks, with US crude inventories up 3.1 million for the year, according to API data, kept in check by draws from …
New US, Iran Strikes Highlight Shrinking US Oil Reserves
With US crude reserves at a 40-year low, oil markets are braced for supply shocks and rising prices as the US-Iran War heats up. The post New US, Iran Strikes Highlight Shrinking US Oil Reserves appeared first on The Daily Upside.
Today, the United States Department of Energy announced that crude oil stocks in the United States strategic reserve fell by some 3.1 million barrels to 286.6 million last week, the lowest level since November 1982.
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