US strategic oil reserves fall to lowest level since 1982
US Energy Department data shows crude oil in the Strategic Petroleum Reserve dropped to 284.6 million barrels last week, the lowest since October 1982.
Key Takeaways
AIData from the US Department of Energy showed that crude oil stocks in the Strategic Petroleum Reserve fell to 284.6 million barrels last week, marking their lowest level since October 1982.
This decline is part of a US plan to release around 172 million barrels from the reserve, as part of a coordinated move by International Energy Agency member states to address oil supply disruptions caused by the war in the Middle East.
In March, the 32 member countries of the International Energy Agency agreed to make 400 million barrels of emergency reserves available, the largest release in the agency’s history, amid global oil flow disruptions and reduced crude and petroleum product shipments through the Strait of Hormuz.