New York, September 21 (QNA) - US Strategic Petroleum Reserve stocks dropped to 284.6 million barrels last week, reaching their lowest level since October 1982, Department of Energy data showed Monday.

The decline stems from a US plan to release nearly 172 million barrels alongside an International Energy Agency agreement to release 400 million barrels of emergency stocks, the largest in IEA history, amid Middle East conflict and Strait of Hormuz shipping disruptions.

The US is executing its contribution through emergency crude swaps, under which companies draw reserve supplies for immediate distribution and return equivalent volumes plus extras later. Prior to the releases, the SPR held 415.4 million barrels in February. (QNA)