US Strategic Petroleum Reserve Hits Lowest Level Since 1983

Deep News04:54

Data from the US Department of Energy shows that crude oil inventories in the US Strategic Petroleum Reserve (SPR) fell by 5.5 million barrels to 325.7 million barrels, marking the lowest level since May 1983.

This inventory drawdown is part of an agreement reached by the US to release 172 million barrels of crude from the reserve. The aim is to fill the global inventory gap following the conflict involving Iran and to help reduce fuel prices. Due to strong US crude exports and refinery demand, US crude inventories have declined rapidly in recent weeks. Since the conflict erupted at the end of February, total US inventories, including commercial stocks and the strategic reserve, have dropped by 111.4 million barrels to 743.3 million barrels as of June 19, reaching the lowest level since 1984.

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