Economy
US Strategic Petroleum Reserve at Lowest Level in 44 Years
US crude oil stocks in the Strategic Petroleum Reserve fell to 283.8 million barrels, the lowest level since October 1982, following major releases.
Crude oil inventories in the US Strategic Petroleum Reserve dropped to 283.8 million barrels last week, the lowest level since October 1982, according to data from the US Department of Energy.
Drawdowns from the United States' Strategic Petroleum Reserve following an agreement to release 172 million barrels from this facility have caused the domestic strategic petroleum reserve to fall to its lowest level in approximately 44 years.
The US Strategic Petroleum Reserve recorded its lowest level since October 1982, reaching 284.6 million barrels at the end of the week ending September 18, according to Department of Energy data as well.
In early September, International Energy Agency Executive Director Fatih Birol confirmed that the disruption of Russian gas supplies to Europe and issues related to supply through the Strait of Hormuz had constituted a massive shock to the global economy.
The Strategic Petroleum Reserve, established in 1975 following the Arab oil embargo crisis in the wake of the October 1973 war, is the world's largest emergency stockpile, with a maximum capacity of 714 million barrels distributed in salt caverns along the Gulf of Mexico coast. However, current inventories cover only about 40% of its storage capacity, amid escalating geopolitical tensions and deepening global energy crises.
