U.S. Oil Reserves Are Rapidly Dwindling: Stockpiles Have Fallen to Their Lowest Level Since 1983
21 July 07:52
Oil stocks in the U.S. Strategic Petroleum Reserve have fallen to 311.4 million barrels —the lowest level since March 1983. Over the last reporting week, another 5.1 million barrels were withdrawn from government storage facilities.
This is according to data from the U.S. Energy Information Administration, as cited by Reuters, reports "Komersant Ukrainian"
The sharp decline in reserves comes amid disruptions in the global oil market and the use of emergency reserves to stabilize supply and prices.
U.S. Strategic Reserve Falls to 43-Year Low
During the week ending July 17, 2026, the volume of oil in the U.S. Strategic Petroleum Reserve (SPR) decreased by approximately 5.1 million barrels to 311.4 million.
This is the lowest level since March 1983, marking a 43-year low.
As recently as the end of 2025, the U.S. reserve held about 413 million barrels of oil. In March 2026, its volume temporarily exceeded 415 million, but after the start of a large-scale release of reserves, the figure began to decline rapidly.
The Strategic Petroleum Reserve itself, at 311.4 million barrels, corresponds to approximately:
- 15 days of total liquid fuel consumption in the U.S., estimated at approximately 20.7 million barrels per day;
- or about 18 days of refinery operations, based on a processing rate of approximately 17.1 million barrels per day.
At the same time, the figure rises to about 42 days when commercial crude oil stocks are included in addition to the strategic reserve. The combined volume of strategic and commercial reserves was approximately 726 million barrels, which is equivalent to about 42 days of processing at U.S. refineries. This is an estimated figure, not an official timeframe indicating when the United States will run out of oil.
Furthermore, the U.S. remains one of the world’s largest oil producers. The country produces about 13.8–13.9 million barrels of crude oil daily and therefore does not rely solely on reserves stored in government stockpiles.
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Why the U.S. Is Tapping Its Emergency Reserves
The current drawdown of the reserve is part of a coordinated release of 172 million barrels of oil from U.S. strategic reserves.
Washington has joined a coordinated international effort by member countries of the International Energy Agency. In total, the countries agreed to release approximately 400 million barrels of oil and petroleum products to offset market disruptions caused by the war in the Middle East.
According to Reuters, since the start of the conflict, the U.S. Strategic Petroleum Reserve has already been reduced by more than 104 million barrels. At the same time, total crude oil reserves in the U.S. have decreased by approximately 129 million barrels.
What Is the U.S. Strategic Petroleum Reserve?
The Strategic Petroleum Reserve is a government emergency stockpile of crude oil established after the oil crisis of the 1970s. It is used in the event of major disruptions to energy supplies, natural disasters, wars, or other threats to energy security.
The oil is stored in underground salt caverns in Texas and Louisiana. The reserve’s total design capacity is approximately 714 million barrels, so the current volume is less than 44% of maximum capacity.
At the same time, the U.S. Department of Energy assures that there is no immediate threat to the country’s energy security. According to the department’s estimates, the technical minimum—below which operating the storage facilities becomes problematic—is approximately 70 million barrels.
The U.S. plans to return oil to the reserve
A significant portion of the oil is transferred to energy companies not through outright sales but through swap agreements. The companies must return the barrels they received later, along with an additional amount of oil as a premium.
U.S. Energy Secretary Chris Wright stated that once the crisis period ends, companies may return approximately 40 million barrels more to the reserves than they received.
According to preliminary plans, a large-scale replenishment of the reserve is set to begin in 2027.
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