Squeezed vacuum states enable optical measurements below the quantum limit and hence are a valuable resource for applications in quantum metrology and also quantum communication. However, most available sources require high pump powers in the milliwatt range and large setups that hinder real world applications. Furthermore, degenerate operation of such systems presents a challenge. Here, we use a compact crystalline whispering gallery mode resonator made of lithium niobate as a degenerate parametric oscillator. We demonstrate about 1.4 dB noise reduction below the shotnoise level for only 300 µW of pump power in degenerate single-mode operation. Furthermore, we report a record pump threshold as low as 1.35 µW. Our results show that the whispering gallerybased approach presents a promising platform for a compact and efficient source for nonclassical light.