The U.S. Strategic Oil Reserves Depleted to an All-Time Low

The US Department of Energy announced that US strategic oil inventories have fallen to their lowest level since November 1983, according to weekly data.

The administration’s weekly data indicates that US strategic oil stockpiles were depleted by 1.6 million barrels in the week to April 7, to a level of 369.6 million barrels. Thus, the index fell to its lowest level since November 11, 1983.

Over the previous week to March 31, the US strategic oil stockpile fell for the first time, despite the fact that the data remained at constant levels since January last year, and the figures fell by 0.4 million barrels.

At the same time, the country’s commercial oil reserves (excluding the strategic reserve) rose slightly over the same week, by 0.6 million barrels, which is contrary to analysts’ expectations, which had expected a decrease in commercial reserves by 0.6 million barrels.

Earlier, White House strategic communications coordinator John Kirby said that the United States sees difficulties in replenishing strategic oil reserves.

In March, U.S. Energy Secretary Jennifer Granholm said it would take the country several years to replenish its strategic oil reserves, explaining that the process is facing obstacles as the U.S. authorities are determined to buy fuel at below selling prices.

Source: RT