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US Oil Reserve Hits Lowest Level in 43 Years
🇳🇴 Norway /Economy & Trade

US Oil Reserve Hits Lowest Level in 43 Years

From Aftenposten · () Norwegian

Translated from Norwegian, summarized and contextualized by DistantNews.

At a glance

News Official statement Context piece
  • The United States' strategic oil reserve has fallen to 340.3 million barrels, its lowest level since July 1983.
  • The reserve decreased by 8.9 million barrels in the past week alone.
  • The energy department attributes the decline to the Iran-US war slowing crude oil supplies and coordinated releases by multiple countries to mitigate price impacts.

The United States' strategic petroleum reserve has reached its lowest point in 43 years, holding just 340.3 million barrels as of Tuesday, June 16, 2026. The U.S. Department of Energy reported this figure, noting it is the lowest level recorded since July 1983.

In the last week, the reserve saw a significant reduction of 8.9 million barrels. The department cited the ongoing conflict between Iran and the United States as a primary reason for the slowdown in crude oil deliveries. This disruption in supply has contributed to the depletion of the U.S. reserves.

Furthermore, the decline is also linked to coordinated efforts by several nations to release oil from their strategic reserves. These releases aim to counteract the impact of the war on global oil prices and ensure market stability. The current U.S. reserve level is equivalent to approximately half a year's production from Norway's offshore fields.

DistantNews Editorial

Originally published by Aftenposten in Norwegian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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