Shafaq News- Houston

US Strategic Petroleum Reserve stocks fell by 5.1 million barrels last week to 311.4 million, following a 3-million-barrel decline the previous week and reaching their lowest level since March 1983, Energy Department data showed.

The reserve has declined by 104.04 million barrels since the US-Israeli war on Iran began in late February, as Washington implements its planned 172-million-barrel contribution to an international emergency release.

The United States joined other International Energy Agency members in releasing stocks after the conflict disrupted Gulf oil supplies and shipping through the Strait of Hormuz. Most US barrels are being provided through exchanges, allowing companies to borrow crude and later return it with additional premium barrels.

Department of Energy awards have so far covered about 133 million barrels.

Combined US commercial and strategic crude inventories stood at 726.2 million barrels on July 10, down 129 million and their lowest level since 1984. Updated figures for the week ending July 17 are due on Wednesday.

Created after the 1970s oil crisis, the reserve stores crude in underground Gulf Coast salt caverns and has a nominal capacity of about 714 million barrels.