The US Energy Agency reported that total crude oil inventories, including the Strategic Petroleum Reserve, dropped to approximately 726 million barrels, the lowest level recorded in more than four decades, according to data cited by regional media.
The US Energy Agency reported Sunday that total crude oil inventories, including the Strategic Petroleum Reserve (SPR), fell to approximately 726 million barrels, the lowest level in over 40 years. The figure covers both commercial stocks and the government's emergency reserve.
The Zioneer has previously covered the decline in US oil reserves. On July 15, the desk reported that the SPR alone had fallen below 320 million barrels, the lowest since 1983. US crude exports also reached a record 5.4 million barrels per day in May, surpassing Russia and Saudi Arabia, as reported on June 13. The new inventory data adds a broader measure of the US crude buffer.
The report was cited by the source 301 العالم العربي, attributing it to the US Energy Agency. Full details of the agency's release were not immediately available. The development comes amid a period of volatility in global oil markets, with prices fluctuating on US-Iran developments and the return of Iranian oil exports.
- DevelopingUS strategic crude oil reserves fall below 320 million barrels, lowest since 1983
- DevelopingUS oil benchmark falls below $70 for first time since war began
- DevelopingBrent crude oil price falls to around $91 per barrel
- DevelopingBloomberg: 63 million barrels of Iranian oil stranded on tankers after US cancels waiver
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