U.S. oil reserves hit 1983 low
By Alimat Aliyeva
Crude oil inventories in the US Strategic Petroleum Reserve (SPR) have fallen below 300 million barrels for the first time in more than four decades, AzerNEWS reports.
According to the US Department of Energy, the reserve declined by another 6.1 million barrels last week, reaching 298.7 million barrels — the lowest level since January 1983.
The decline comes amid growing pressure on global oil supplies and heightened tensions surrounding the conflict with Iran. The US has been drawing on its strategic reserves to help stabilize the market and limit the impact of supply disruptions.
The SPR has a total storage capacity of around 714 million barrels, meaning current inventories are now below half of their potential capacity.
The situation is particularly significant because rebuilding the reserve to previous levels could take years and would require billions of dollars in purchases.
With global oil markets already facing geopolitical risks, further disruptions could put additional upward pressure on crude prices and fuel costs worldwide.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!