U.S. Strategic Petroleum Reserve Falls to Lowest Since May 1983, Down 5.5M Barrels on June 30

According to U.S. Department of Energy data, on June 30, the Strategic Petroleum Reserve (SPR) crude oil inventory declined 5.5 million barrels to 323.8 million barrels, reaching its lowest level since May 1983. The drawdown is part of an agreement to release 170 million barrels from the reserve to address global inventory gaps following the Iran conflict and help moderate fuel prices. Total U.S. crude inventory, including commercial stocks and the SPR, has decreased 111.4 million barrels since late February, falling to 743.3 million barrels on June 19, marking the lowest since 1984.
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