Oil in U.S. Strategic Petroleum Reserve falls below 300 million barrels,

Crude oil stockpiles in the U.S. Strategic Petroleum Reserve have fallen below 300 million barrels, the lowest level in more than four decades, as global inventories stay under pressure due to the Iran war.

The SPR fell by 6.1 million barrels to 298.7 million barrels last week, according to data released by the Department of Energy on Monday. The reserve, created in 1975, is at its lowest level since January 1983.

President Donald Trump ordered the release of 172 million barrels in March after Iran choked off oil exports through the Strait of Hormuz, triggering the largest disruption of crude oil supplies in history.

The drawdown in the SPR, whose authorized storage capacity is 714 million barrels, has raised questions about whether U.S. government stockpiles are on the verge of depletion. The minimum amount of oil needed to safely operate the SPR is about 70 million barrels, an Energy Department spokesperson told CNBC in July.

There is enough oil left in the SPR to do another release if needed, said David Goldwyn, who served as a State Department special envoy for international energy affairs under President Barack Obama. 

“I’m not worried about the stability of the reserve or our ability to do another drawdown, if we needed to,” Goldwyn told CNBC.

The SPR stood at around 415 million barrels before the U.S and Israel attacked Iran on Feb. 28. U.S. government stocks will fall to around 243 million barrels when the release Trump ordered is completed.

The SPR’s operational capability is at risk due to aging infrastructure, according to a May report from the Government Accountability Office. More than a quarter of its inventory was “not available for drawdown due to a combination of construction outages and cavern outages” as of December 2025, GAO investigators found.

That implied that a minimum of 103 million barrels in the SPR today are not available for use, according to a July analysis by Rapidan Energy.

“The SPR’s drawdown, distribution and fill capabilities are currently limited and are at risk going forward due to longstanding issues with aging infrastructure compounded with ongoing major construction intended to address them,” the GAO warned in the report.

U.S. presidents have ordered massive releases from the SPR with growing frequency in recent years. President Joe Biden deployed 180 million barrels to address energy market volatility after Russia invaded Ukraine in early 2022. That was the largest release in the history of the SPR.

The GAO described the release in response to the Ukraine war as an “unplanned stress test” for the SPR.

“When you do a drawdown, then you accelerate kind of the degradation of the wells themselves and some of the equipment,” Goldwyn said. “It’s like anything else — you use it a lot, you have to maintain it.”