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Oil stocks in US Strategic Petroleum Reserve fall by 5.5 million to lowest level since 1983
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983, according to data from the Department of Energy.
The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility to plug a gap in global inventories after the Iran war and help push down fuel prices.
U.S. crude stocks have rapidly declined in recent weeks due to strong export and refining demand for American oil.
Since the war began at the end of February, overall U.S. inventories, including commercial and SPR stocks, have fallen by 111.4 million barrels to 743.3 million barrels as of June 19, the lowest since 1984.
Source: Reuters
--Agencies
