US Strategic Petroleum Reserve Drained by Additional 400,000 Barrels

According to the International Desk of Webangah News Agency, The U.S. Department of Energy announced the authorization to release an additional 400,000 barrels of crude oil from the Strategic Petroleum Reserve. This move aims to mitigate disruptions in oil supply affecting the state of Louisiana.

Media reports indicate that crude oil reserves in the U.S. Strategic Petroleum Reserve have fallen to 282.7 million barrels, marking the lowest level recorded since October 1982. This depletion is part of a broader directive initiated by U.S. President Donald Trump to release 172 million barrels of oil from these strategic reserves.

These developments follow the closure of the Strait of Hormuz and subsequent disruptions to global oil supply. Global oil prices have surged to an unprecedented record of approximately $117 per barrel.