The US continued drawing from its emergency oil reserves in the week ending July 17, with 5 million barrels withdrawn, bringing the total stockpile to approximately 311.5 million barrels, the lowest level since March 1983, according to official data.
The latest US Energy Department data shows the Strategic Petroleum Reserve (SPR) continued its decline in the week ending July 17, with 5 million barrels withdrawn, bringing the total to approximately 311.5 million barrels. This marks the lowest level since March 1983, according to the data.
The drawdown extends the depletion trend that has been underway for months. The Zioneer reported on July 15 that reserves had fallen below 320 million barrels, and on July 20 that Fox News reported the stockpile had hit a 40-year low. The current figure represents a further 2.7% decline from the 320 million barrel level.
The sustained reduction in the SPR reflects ongoing US policy of drawing from emergency reserves, which has been a subject of market and political debate. The reserves are now at their lowest point in over four decades.
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