Crude oil stocks in the US Strategic Petroleum Reserve fell below 300 million barrels, the lowest level in more than four decades, CNBC reports. The main reason for this is the strong pressure on global stocks due to the war with Iran, writes Focus.
According to data published by the Department of Energy on Monday, the Strategic Petroleum Reserve fell to 298.7 million barrels last week, which is the lowest level since January 1983. These values were reached after Donald Trump in March ordered the release of 172 million barrels of the raw material to cover the global shortage after Iran blocked the Strait of Hormuz.
The United States was a major part of the International Energy Agency's initiative, which decided to saturate the markets with 400 million barrels of crude oil. CNBC recalls that before the start of the war with Iran, the US Strategic Petroleum Reserve amounted to 415 million barrels of oil.