U.S. Strategic Petroleum Reserve Hits Decade Low Amid Accelerated Drawdown

The U. S. Strategic Petroleum Reserve (SPR) fell to 282.6 million barrels as of October 23, 2026, the lowest level since October 1982, when reserves stood at 280.8 million barrels. This represents a decline of over 31%-approximately 130 million barrels-since late 2025, when the reserve exceeded 413 million barrels. The drawdown accelerated following a March 2026 agreement among International Energy Agency (IEA) members to release 400 million barrels to stabilize global prices amid tensions in the Middle East; the U. S. contribution to this volume reached up to 172 million barrels. The government utilized exchange mechanisms, allowing oil companies to withdraw resources with an obligation to return them in larger quantities later. Currently, the rate of withdrawals exceeds the rate of replenishment. The reserve, consisting of underground salt caverns along the Gulf Coast, now holds roughly 40% of its 714 million-barrel design capacity. For context, the reserve peaked at 726.6 million barrels in January 2010.