American Data: Oil reserve records lowest level in 43 years

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US government data revealed today that crude inventories in the US’ Strategic Petroleum Reserve fell to 293.4 million barrels last week, the lowest level since 1982.

Data from the US Energy Information Administration showed today that Strategic Petroleum Reserve (SPR) inventories fell to 293.4 million barrels, the lowest level since 1982, as large quantities continue to be drawn from the reserve to compensate for the acute supply shortage, following the halt of Saudi oil imports to zero and the continued closure of the Strait of Hormuz, which used to transport about a fifth of global oil supplies.

These figures come at a time when American officials acknowledged that the war with Iran has depleted more than 65% of the Patriot interceptor missile stockpile, and thousands of long-range cruise and ballistic missiles, prompting the Pentagon to accelerate the signing of agreements to increase production.

Observers believe that the continued depletion of the oil reserve, which is America’s first line of defense in the face of energy crises, places the Trump administration under pressure to end the war, especially with the decline in the president’s popularity in opinion polls and the rise of voices calling for an end to the war, amid growing fears that the reserve may not be able to withstand any new supply shock.