US Strategic Petroleum Reserve Hits 43-Year Low

US Strategic Petroleum Reserve crude inventories dropped by 5.5 million barrels to 325.7 million for the week ending June 26, marking the lowest level since May 1983.

This reduction is part of a US initiative to release 172 million barrels to offset global shortages following the Iran war and reduce fuel prices.

Additionally, high export and refining demand have sped up the decline in US crude stocks.

Since late February, total US inventories, including commercial and SPR stocks, have decreased by 111.4 million barrels to 743.3 million as of June 19, the lowest since 1984.