US Strategic Oil Reserves Hit Lowest Level Since 1983

According to the International Desk of Webangah News Agency, the U.S. Department of Energy has revealed that the nation’s strategic crude oil reserves have declined by 6.2 million barrels, reaching 319.5 million barrels. This marks the lowest level recorded since April 1983.

This significant reduction occurred as part of an agreement by the United States to withdraw 172 million barrels from its strategic reserves. The initiative aimed to mitigate global energy disruptions and prevent a surge in oil prices.

During a period of heightened tensions and conflict involving the U.S. and Israel against Iran, Tehran reportedly obstructed trade and the passage of oil tankers through the Strait of Hormuz. This strategic waterway accounts for approximately 20 percent of the world’s crude oil transport. The disruption led to a sharp decrease in global oil reserves and a subsequent increase in oil prices.