Muscat: US crude inventories in the Strategic Petroleum Reserve fell by 5.1 million barrels, according to Energy Department data, dropping to their lowest level since 1983 as pressure mounts on the country's emergency stockpile amid volatile energy markets and geopolitical tensions.
According to Oman News Agency, the drawdown is part of a programme to release some 172 million barrels from the reserve into the market to boost supply and help stabilize oil prices. The strategic reserve has declined by about 104 million barrels since the end of February, coinciding with the fallout from the US-Israeli war on Iran, up to 17 July.
The Energy Department is set to release official data for last week tomorrow (Wednesday), offering fresh clues on inventory trends and supply levels in the world's largest oil-consuming economy.