US strategic reserves hit 1983 lows
U.S. Strategic Petroleum Reserve crude oil inventories declined to their lowest level since March 1983, decreasing by 5.1 million barrels to reach 311.4 million barrels last week. This decline comes as part of an agreement to release 172 million barrels from the stockpile. Since the start of the U.S.-Iran conflict in February, total inventories have fallen by 104.04 million barrels, with overall stockpiles reaching 726.2 million barrels—the lowest since 1984. Markets are awaiting the release of the latest official data to assess the ongoing pressure on energy supplies.
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