The United States’ strategic crude oil reserves have fallen to their lowest level since 1982.
Reuters reported early Tuesday, October 20, citing the US Department of Energy.
According to the report, the department said crude oil stocks in the Strategic Petroleum Reserve fell to 282.7 million barrels last week, the lowest level since October 1982.
The recent drawdowns were reportedly part of a US agreement to release 172 million barrels of oil from the reserves.
This comes as the war between the United States and Israel against Iran, tensions and clashes between Saudi Arabia and the Houthis, and Russia’s war in Ukraine have severely disrupted global oil transit and trade.
Meanwhile, US President Donald Trump has lifted some exemptions for Russian oil exports in an effort to bring down global oil prices.
