The reduction of US strategic oil reserves to the lowest level in the last 38 years.
According to Al Mayadeen, the weekly reviews of the US Department of Energy show that US strategic oil reserves decreased by 4.7 million barrels to 382.3 million barrels last week.
According to this report, with this decrease, the index reached its lowest level since the week of January 6, 1984, when US strategic oil reserves reached 380.7 million barrels.
Current US strategic oil reserves represent about 53.5% of the maximum authorized storage capacity of 714 million barrels, which is enough to replace more than two years of net US crude oil imports based on 2021 data.
At the end of last October, US President Joe Biden announced his agreement to withdraw 15 million barrels of additional oil from the strategic reserves to be injected into the US market to reduce fuel prices.
Since the beginning of September 2021, the United States has withdrawn nearly 220 million barrels from strategic reserves as part of the president’s plan to release oil reserves with the aim of curbing price increases.