The U.S. strategic petroleum reserve dropped by another 5.1 million barrels last week, reaching its lowest level in 43 years.

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Data from the U.S. Department of Energy shows that last week, the U.S. Strategic Petroleum Reserve (SPR) crude oil inventory decreased by about 5.1 million barrels, dropping to 311.4 million barrels—the lowest level since March 1983.

This decrease in inventory is part of the U.S.'s previous commitment to cumulatively release 172 million barrels of crude oil from the Strategic Petroleum Reserve. Since the U.S. and Israel launched a war against Iran at the end of February, as of July 17, the Strategic Petroleum Reserve inventory has already decreased by a cumulative 104.04 million barrels.

As of July 10, the total U.S. crude oil inventory (including commercial stockpiles and the Strategic Petroleum Reserve) had fallen to 726.2 million barrels, a decrease of 129 million barrels from the previous count and the lowest level since 1984. Data covering the latest situation as of last weekend is expected to be released on Wednesday.

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