U.S. Strategic Petroleum Reserve falls to 282.2 million barrels, lowest level since October 1982

Crude oil stocks in the U.S. Strategic Petroleum Reserve fell to 282.2 million barrels in the week ending October 30, their lowest level in 44 years, according to Department of Energy data cited by Reuters.

The reserve has fallen by roughly 133 million barrels since late February, when it held more than 415 million barrels.

The drawdown is part of a U.S. commitment to release 172 million barrels from the SPR as part of a coordinated International Energy Agency effort to ease pressure on fuel markets following disruptions caused by the U.S.-Israeli war with Iran.

The Energy Department said last week that companies had agreed to borrow more than 40 million barrels from the reserve in the final tranche of the U.S. contribution to the international release. The oil is being provided through exchanges, under which companies are required to return crude to the reserve later with additional barrels as interest.

Historical Energy Information Administration data show the SPR stood at 280.8 million barrels on October 15, 1982, before rising above 283 million later that month.