Oil stocks in US strategic petroleum reserve fall to lowest level since 1982
USO•Crude oil stocks in the U.S. Strategic Petroleum Reserve fell to 283 million barrels last week, their lowest level since October 1982. The drawdowns are part of an agreement to release 172 million barrels, and the administration offered to loan energy companies 40 million barrels last week.
1. Reserve stocks decline
Crude oil stocks in the U.S. Strategic Petroleum Reserve fell to 283 million barrels last week, the lowest level since October 1982, Department of Energy data showed.
2. Planned releases
The drawdowns are part of a U.S. agreement to release 172 million barrels from the reserve. The administration last week also said it is offering to loan energy companies 40 million barrels of oil from the reserve.
