US Oil Reserves Hit Four-Decade Low

Data from the U.S. Department of Energy showed that crude oil stocks in the Strategic Petroleum Reserve have fallen to their lowest level since June 1983, reaching 331.2 million barrels. This decline comes as part of an American agreement to draw 172 million barrels from the reserve and is the third-largest decrease on record, amid fears of a potential summer oil shortage due to declining global inventories and the impact of disruptions in navigation through the Strait of Hormuz.

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