U.S. Strategic Petroleum Reserve Hits Lowest Level Since 1982
The reserve fell by about 1.2 million barrels in the latest week as a planned 172-million-barrel release continued, officials reported.
- The Strategic Petroleum Reserve held 285.4 million barrels of crude oil as of the week ending September 4, marking the lowest level recorded since November 1982, according to the Energy Information Administration.
- This drawdown stems from a planned 172-million-barrel release commitment, with stocks falling nearly 120 million barrels, or about 30%, over the past 12 months as crude is removed and not replaced.
- Refineries processed 17.6 million barrels per day during the week ending September 4 at 97.8% capacity utilization, while crude oil imports increased 53,000 barrels per day to 6.8 million barrels daily, according to the EIA.
- Earlier this week, oil prices surged after Saudi Arabia shut down its East-West pipeline following drone attacks, pushing Brent crude futures above $108 and West Texas Intermediate futures above $103.
- Commercial crude oil inventories remain distinct from the reserve, falling 0.4 million barrels to 424.1 million barrels during the same week and matching the five-year average, according to the EIA.
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15 Articles
U.S. Oil Reserves Hit 40-Year Low Amid Global Supply Disruptions
The global oil market is facing a severe supply deficit following the blockade of the Strait of Hormuz and sabotage of Saudi Arabia's East-West pipeline. Strategic reserves in major economies are depleted, with U.S. stockpiles hitting a 40-year low. Under a worst-case scenario, Brent crude could climb to $120 per barrel, posing a risk to the global financial system. The blockade of the Strait of Hormuz has removed approximately 2.5 million barre…
Data from the US Department of Energy shows that the country's strategic oil reserves fell again to 285 million barrels.
U.S. Strategic Petroleum Reserve Slides to 285.4 Million Barrels
America’s emergency crude stockpile has sunk to a level not seen in more than four decades. According to a report from US Business News, Department of Energy figures show the Strategic Petroleum Reserve held 285.4 million barrels after inventories dropped by about 1.2 million barrels in the latest week. The drawdown is part of a […]
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