U.S. Strategic Oil Reserve Falls to Lowest Level in Over Two Years

06/01 21:05

On June 2, according to U.S. sources, the Trump administration continued to release large quantities of the U.S. Strategic Petroleum Reserve to alleviate the energy supply crisis caused by the U.S.-Iran conflict and the closure of the Strait of Hormuz. Data released by the U.S. Department of Energy that day showed that the Strategic Petroleum Reserve decreased by 8 million barrels of crude oil last week. This follows reductions of 9.1 million barrels and a record 9.9 million barrels in the previous two weeks. Currently, the Strategic Petroleum Reserve stands at 357.1 million barrels, the lowest level since January 2024. Experts indicate that at the current rate of release, the Strategic Petroleum Reserve could fall below the low point reached during the Biden administration as early as next week, reaching its lowest level since 1983.

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