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US Strategic Petroleum Reserve oil inventories have hit their lowest level since 1983.

2 hours ago

According to data from the U.S. Department of Energy, crude oil inventories in the U.S. Strategic Petroleum Reserve (SPR) dropped by 5.5 million barrels to 325.7 million barrels, hitting their lowest level since May 1983. The inventory drawdown is part of an agreement under which the U.S. will release 172 million barrels from reserves to fill gaps in global inventories following the Iran conflict and help lower fuel prices. U.S. crude inventories have declined rapidly in recent weeks due to strong crude exports and refinery demand. Since the outbreak of the conflict at the end of February, as of June 19, total U.S. inventories—including commercial stocks and the SPR—have fallen by 111.4 million barrels to 743.3 million barrels, marking their lowest level since 1984. (Jinshi)

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