US Strategic Petroleum Reserve falls to lowest level in 44 years

The U.S. Strategic Petroleum Reserve dropped to 286.6 million barrels as of August 28, according to U.S. Department of Energy data, the lowest level since the reserve fell to 286.198 million barrels on November 19, 1982. The decline comes amid the continuing conflict between the United States and Iran and concerns over the possible closure of the Strait of Hormuz. Before the Iran war, roughly 25 percent of global oil supply transited the strait. Separately, U.S. President Donald Trump announced what he described as the "biggest oil deal" with Venezuela. Under the agreement, the United States would gain control over more than 65 billion barrels of oil from Venezuela's discovered reserves. No further details on the reserve drawdown or the Venezuela agreement were immediately available.