US strategic oil reserve drops to lowest level since 1983
Crude stocks fall by 5.5m barrels to 325.7m as Washington releases supply to cover global inventory gap after Iran war
HOUSTON: Crude oil stocks in the US Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983, according to Department of Energy data.
The latest drawdown is part of a US agreement to release 172 million barrels from the reserve to help cover a gap in global inventories after the Iran war and ease pressure on fuel prices.
US crude inventories have declined rapidly in recent weeks because of strong export demand and higher refining demand for American oil.
Since the war began at the end of February, total US inventories, including commercial stocks and the Strategic Petroleum Reserve, have dropped by 111.4 million barrels.
Overall inventories stood at 743.3 million barrels as of June 19, the lowest level since 1984.
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