U.S. Strategic Petroleum Reserve crude oil inventory drops by 5.1 million barrels, hitting lowest level since 1983

en.Wedoany.com Reported - The latest data released by the U.S. Department of Energy shows that as of last week, crude oil inventories in the U.S. Strategic Petroleum Reserve (SPR) had fallen to 311.4 million barrels, a decrease of approximately 5.1 million barrels from the previous week, marking the lowest level since March 1983.

This inventory decline is part of an agreement to release a total of 172 million barrels of crude oil from the U.S. Strategic Petroleum Reserve. Since the outbreak of the U.S.-Israeli war on Iran at the end of February, SPR inventories have cumulatively decreased by 104.04 million barrels as of July 17.

Total U.S. petroleum inventories, including commercial stocks and the Strategic Petroleum Reserve, had fallen to 726.2 million barrels as of July 10, a reduction of 129 million barrels from earlier levels, the lowest since 1984. The latest inventory data as of the end of last week is expected to be released this Wednesday.