The Kabul Tribune (KT) — Stocks of crude oil in the U.S. Strategic Petroleum Reserve have fallen by 5.5 million barrels to 325.7 million barrels, their lowest level since May 1983, Reuters reported, citing data from the U.S. Department of Energy.
According to the report, the drawdown is part of a U.S. plan to release 172 million barrels from the reserve to help offset shortages in global oil supplies following the Iran war and ease fuel prices.
Reuters reported that U.S. crude oil inventories have declined sharply in recent weeks due to strong export demand and increased refinery activity.
Since the war began in late February, total U.S. oil inventories—including commercial stockpiles and the Strategic Petroleum Reserve—have dropped by 111.4 million barrels to 743.3 million barrels as of June 19, the lowest level recorded since 1984, according to the report.
