US Strategic Oil Reserves Hit 43-Year Low Amid Iran Tensions
According to the International Desk of Webangah News Agency, Eurasia Daily reports that the U.S. Energy Information Administration has confirmed that America’s strategic oil reserves have dwindled to 319 million barrels. This marks the lowest point for these reserves since 1983, representing a decrease of 27 million barrels compared to the previous low recorded during the Trump administration.
During the previous period, the White House had released a portion of its strategic reserves to help stabilize oil prices following the commencement of Russia’s military operations and the imposition of Western sanctions on Moscow. This time, the United States is reportedly seeking to mitigate the consequences of tensions involving Iran.
The U.S. has reportedly agreed with the International Energy Agency to release 400 million barrels from its reserves to help curb global oil price increases. Igor Yushkov, a senior analyst at Russia’s National Energy Security Fund, commented on the developing situation.
Yushkov stated that the pattern of drawing down reserves to contain oil price hikes is repeating itself, especially if the Strait of Hormuz faces closure. He noted that while the U.S. still possesses substantial oil reserves, reports of these reserves reaching historic lows invariably lead to price surges. He suggested that the United States and the Trump administration are working to ensure Middle Eastern oil supplies reach the global market.
However, Yushkov expressed skepticism regarding the success of these measures, forecasting a potential return of oil prices to $100 per barrel or higher.
