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U.S. Strategic Petroleum Reserve inventories fall to lowest level since 1983.
BlockBeats news, June 30, according to data from the U.S. Department of Energy, crude oil inventories in the U.S. Strategic Petroleum Reserve (SPR) decreased by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983. This inventory reduction is part of an agreement reached by the United States that calls for the release of 172 million barrels of crude oil from the reserve to fill the global inventory gap after the Iran conflict and help lower fuel prices.
Due to strong U.S. crude oil exports and refinery demand, U.S. crude oil inventories have declined rapidly in recent weeks. Since the outbreak of the conflict at the end of February, as of June 19, total U.S. inventories, including commercial stocks and the Strategic Petroleum Reserve, have decreased by 111.4 million barrels to 743.3 million barrels, the lowest level since 1984. (Jin Shi)