ALBAWABA - Data from the U.S. Department of Energy shows that crude oil stored in the country's Strategic Petroleum Reserve fell by 1.58 million barrels last week.
It is the lowest level in nearly 40 years and attributed to sales from the emergency reserves under U.S. Congressional authorization.
The reserves fell to 368 million barrels as of April 14, according to the Energy Information Administration.
U.S. SPR RESERVES OF CRUDE OIL FELL BY 1.58 MILLION BARRELS LAST WEEK TO 368 MILLION BARRELS, LOWEST SINCE OCT 1983
— Market Rebellion (@MarketRebels) April 17, 2023
The U.S. administration has sold 26 million barrels of crude from the reserve this year, under approval from congress.
The United States dipped into strategic reserves after failing last summer to persuade oil-producing nations, such as Saudi Arabia, to increase their output to bring down soaring oil prices across the country. Biden administration officials said the strategic oil reserves will be replenished when prices fall.
To fight soaring global oil prices, President Biden will release 50 million barrels of crude oil from U.S. reserves in a coordinated effort with other nations, according to administration officials. He is expected to announce the move on Tuesday. https://t.co/N6J9WRdzpO
— The New York Times (@nytimes) November 23, 2021
