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U.S. oil reserves hit 1983 lows
The US Strategic Petroleum Reserve has fallen to its lowest level since January 1983, reaching 298.7 million barrels after a decline of 6.1 million barrels over the past week. It is worth noting that this decrease comes as part of a plan launched by President Donald Trump in March to offset global oil supply disruptions caused by the closing of the Strait of Hormuz, during which approximately 116.6 million barrels have been released out of a total planned 172 million barrels. The reserve is expected to be depleted to around 243 million barrels once the program is complete, which is less than one-third of its total capacity of 714 million barrels. This historic drop in stockpiles raises concerns about the reserve’s ability to withstand potential future disruptions, especially given the existing infrastructural challenges.
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