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 282.6 million barrels last week, their lowest level since October 1982. Recent drawdowns are part of a US agreement to release 172 million barrels; the Energy Department also authorized an emergency exchange of up to 400,000 barrels for a supply disruption affecting Phillips 66's Lake Charles refinery.
1. Reserve stocks decline
Crude oil stocks in the US Strategic Petroleum Reserve fell to 282.6 million barrels last week, the lowest level since October 1982, based on Department of Energy data. Recent drawdowns are part of a US agreement to release 172 million barrels from the facility.
2. Emergency exchange
The Department of Energy authorized an emergency exchange of up to 400,000 barrels of crude oil from the reserve to address a supply disruption affecting Phillips 66's Lake Charles refinery in Louisiana.
