Last week, crude oil stocks in the U.S. Strategic Petroleum Reserve fell to 283.8 million barrels, reaching their lowest level since 1982. This information was reported by the U.S. Department of Energy.
Reserves peaked in December 2009, when they stood at 727 million barrels. The lowest level was recorded in late October 1982, at 283.3 million barrels. Currently, reserves stand at about 40% of the reserve’s total capacity.
The decline is due to a decision to release 172 million barrels from the reserves as part of a major initiative by the countries of the International Energy Agency (IEA). Together, the countries agreed to release a record 400 million barrels of oil to stabilize the global market and lower fuel prices.
The U.S. Strategic Petroleum Reserve, the world’s largest government-held oil reserve, was established to ensure the country’s energy supply in the event of disruptions and to stabilize market prices. The oil is stored in salt caverns along the Gulf of Mexico in Texas and Louisiana. The U.S. first tapped into its reserves in 1991 during the Gulf War.
Since early March, global oil reserves have been declining. This is due to rising prices and supply issues caused by the conflict in the Middle East. According to Morgan Stanley estimates, oil inventories declined by an average of 4.8 million barrels per day from March 1 to April 25. Crude oil accounted for 60% of the total volume, with the remainder consisting of refined products.
A recent drone attack on a Saudi oil pipeline has exacerbated the oil shortage. This has disrupted supplies to Europe and Asia, driving oil prices up to more than $107 per barrel.
Additional information: To manage oil reserves and ensure energy security, countries use strategic reserves as a tool for market regulation. These reserves help mitigate the impact of external factors and ensure stable supplies during geopolitical upheavals.
Source: АнтиКредит.