U.S. Strategic Petroleum Reserve drops to lowest level since 1987
The amount of crude oil in the U.S. Strategic Petroleum Reserve (SPR) dropped by 5 million barrels in the week to May 13, data from the U.S. Department of Energy showed.
Stockpiles in the Strategic Petroleum Reserve fell to 538 million barrels, the lowest since 1987.
About 3.9 million barrels of sour crude was released into the market, while about 1.1 million barrels of sweet crude was issued, according to the data.
President Joe Biden in March announced the largest release ever from the U.S. emergency oil reserve at 1 million barrels per day (bpd) of crude oil for six months from the reserve.
The 180 million-barrel release is equivalent to about two days of global demand, and was the third time Washington had tapped the SPR in the six months prior.
Source: Reuters (Reporting by Arathy Somasekhar in Houston Editing by Chris Reese and Lisa Shumaker)