US Strategic Petroleum Reserve inventory drops to lowest level since 1983

According to data from the US Department of Energy, the US Strategic Petroleum Reserve (SPR) crude oil inventory decreased by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983. The inventory reduction is part of the US agreement to release 172 million barrels of crude oil, aimed at filling the global inventory gap after the Iran conflict and lowering fuel prices. Affected by strong US crude oil exports and refining demand, as of June 19th, total US inventories have decreased by 111.4 million barrels to 743.3 million barrels, the lowest level since 1984.