US crude oil stocks in the Strategic Petroleum Reserve (SPR) declined by 5.1 million barrels (mmbbl) last week to 311.4 mmbbl, the lowest level since March 1983, according to data from the US Department of Energy.

The drawdown is part of a US program to release a total of 172 mmbbl from the SPR.

Since the US-Israeli war on Iran began at the end of February, SPR inventories have decreased by 104.04 mmbbl as of July 17.

Total US crude oil inventories, including commercial stocks and the SPR, fell by 129 mmbbl to 726.2 mmbbl as of July 10.

Updated inventory data for the week ending last week is scheduled to be released on Wednesday.

The Strategic Petroleum Reserve (SPR) is an emergency stockpile of crude oil maintained by the US government to safeguard the nation against severe energy supply disruptions and sudden market shocks.