U.S. Department of Energy data showed crude oil stored in the U.S. Strategic Petroleum Reserve fell 1.58 million barrels to its lowest level in nearly 40 years, due to the sale of oil from emergency stockpiles under authorization.
Inventories in the Strategic Petroleum Reserve fell to 368 million barrels in the week ended April 14, the lowest level since October 1983, according to data from the Department of Energy and the Energy Information Administration.
President Joe Biden's administration sold 26 million barrels of crude from the reserve this year, under a mandate to draw from Congress in previous years.
Source (Al Khaleej Emirati Newspaper, Edited)
