Data from the US Department of Energy showed that crude oil inventories in the United States of America’s Strategic Petroleum Reserve fell by 8.1mn barrels last week, thereby reaching its lowest levels in 37 years.
Crude stocks in emergency reserves fell during the week ending August 19 to 453.1mn barrels.
And the amount that was withdrawn from the SPR, amounting to 8.1mn barrels, is the largest since the end of last April 2022 and pushed the crude stockpile to its lowest level since January 1985.
This multi-million barrel draw comes after a few weeks of smaller releases.
An Energy Department spokesperson was quoted as telling Reuters that the use of an additive to cool crude for transportation had slowed deliveries in recent weeks, adding that deliveries for August are being released according to schedule.
Tapping into the SPR began in March 2022 when US President Joe Biden set a plan to release some 1mn barrels per day for six months to tackle high prices at the pump, which have been contributing to the nation’s soaring inflation rates.
