Oil stocks in US Strategic Petroleum Reserve fall by 5.5 million to lowest level since 1983

Reuters - Stocks of ​crude oil in the U.S. ‌Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, ​the lowest level since May ​1983, according to data from the ⁠Department of Energy.

The drawdowns are ​a part of a U.S. ​agreement to release 172 million barrels from the facility to plug a gap in ​global inventories after the Iran ​war and help push down fuel prices.

U.S. ‌crude ⁠stocks have rapidly declined in recent weeks due to strong export and refining demand for American ​oil.

Since the ​war began ⁠at the end of February, overall U.S. inventories, ​including commercial and SPR stocks, ​have ⁠fallen by 111.4 million barrels to 743.3 million barrels as of ⁠June ​19, the lowest ​since 1984.