Washington (Commerce Desk): US strategic petroleum reserves have fallen to their lowest level in 44 years, with the US Department of Energy reporting that another 5.3 million barrels of crude oil were released from the reserves last week.
According to the report, the United States now has 293.4 million barrels of crude oil remaining, the lowest level of its reserves since 1982.
Amid the Iran war and the Strait of Hormuz crisis, the United States and other member countries of the International Energy Agency agreed in March to release oil reserves on an emergency basis to maintain stability in the global energy market.
Under the decision, the release of a total of 172 million barrels of crude oil from the US strategic reserves was approved.