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US oil reserves drop below 300M
U.S. strategic petroleum reserve oil inventories have fallen to their lowest level since 1983, decreasing by approximately 6.1 million barrels last week to reach 298.7 million barrels. This decline is due to pressures on global oil supplies resulting from the Iran war and disruptions in oil exports through the Strait of Hormuz. This decrease follows Trump's decision in March to draw from the reserve, with expectations that inventories will drop to around 243 million barrels once the drawdown is complete, down from 415 million barrels before the conflict. As energy markets face increasing pressure, oil prices have risen significantly, with Brent crude increasing by 4.4% to $87.25 per barrel, and West Texas Intermediate also up 4.4% to $81.62. Experts warn that ongoing supply shortages and rising demand, especially with winter approaching, could keep oil prices high. Additionally, the recent levels of reserves raise questions about Washington’s ability to use its stockpile to prevent market disruptions in the future.
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