U.S. emergency crude oil inventories dropped by roughly 6.1 million barrels last week to 298.7 million barrels, pushing the Strategic Petroleum Reserve to its lowest level in more than four decades.
By yourNEWS Media Newsroom
The U.S. Strategic Petroleum Reserve has fallen to its lowest level since January 1983 after another substantial withdrawal reduced the nation’s emergency crude oil stockpile below 300 million barrels.
Department of Energy data showed approximately 6.1 million barrels were removed from the reserve last week, bringing total inventories down to 298.7 million barrels.
The latest reduction is part of a U.S. agreement providing for the release of 172 million barrels from the Strategic Petroleum Reserve.
With the latest drawdown, the government-held emergency oil supply has reached a level not recorded in more than 43 years.
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