Oil stocks in US strategic petroleum reserve fall to lowest level since 1982
USO•Crude oil stocks in the US Strategic Petroleum Reserve fell to 282.2 million barrels last week, their lowest level since October 1982. Drawdowns are part of a US agreement to release 172 million barrels.
1. Reserve stocks decline
Stocks of crude oil in the US Strategic Petroleum Reserve fell to 282.2 million barrels last week, the lowest level since October 1982, Department of Energy data showed. The recent drawdowns are part of a US agreement to release 172 million barrels from the reserve. The government said oil companies agreed last week to borrow about 40 million barrels, the final batch of the US share of a global deal aimed at controlling fuel prices after the US and Israel started the war on Iran.
