Crude inventories in the US Strategic Petroleum Reserve (SPR) fell by 5.5 million barrels to 325.7 million in the week ending June 26, the lowest level since May 1983. This drawdown is part of a US program to release 172 million barrels to help offset global supply shortages following the Iran war and to ease fuel prices. Strong export demand and robust refinery runs have further accelerated the decline in US crude stocks. Since late February, total US crude inventories – including both commercial holdings and the SPR – have fallen by 111.4 million barrels to 743.3 million as of June 19, the lowest level since 1984.