US Strategic Petroleum Reserve drops to lowest level since January 2024

According to CCTV News, the Trump administration continues to release the US Strategic Petroleum Reserve on a large scale to address the energy supply crisis caused by the US Iran conflict and the closure of the Strait of Hormuz. According to data from the US Department of Energy, strategic oil reserves decreased by 8 million barrels last week, following a decrease of 9.1 million barrels and a record high of 9.9 million barrels in the previous two weeks. At present, inventory has dropped to 357 million barrels, the lowest level since January 2024. Experts say that at the current release rate, reserves will fall below the low point of the Biden administration as early as next week, to the lowest level since 1983.