Us strategic petroleum reserve stocks dropped to 284.6 million barrels last week:S Strategic Petroleum Reserve stocks dropped to 284.6 million barrels last week, reaching their lowest level since October 1982, Department of Energy data showed Monday. The decline in the reserve is being monitored closely as it reflects a significant shift in the US's energy strategy, especially in the context of current geopolitical tensions.
According to Qatar News Agency, the reduction in the reserve is part of a US plan to release nearly 172 million barrels. This move is aligned with an International Energy Agency agreement to release 400 million barrels of emergency stocks. This release is the largest in the history of the IEA, prompted by ongoing conflicts in the Middle East and disruptions in the Strait of Hormuz, a critical shipping lane for global oil supplies.
The US is fulfilling its commitment through emergency crude swaps. In these swaps, companies receive reserve supplies for immediate distribution, with the obligation to return equivalent volumes plus additional amounts at a later date. Prior to these strategic releases, the US Strategic Petroleum Reserve held 415.4 million barrels in February, indicating a substantial drawdown in recent months.
