US Strategic Petroleum Reserve Drops to Its Lowest Level Since 1982
US crude stocks held in the Strategic Petroleum Reserve fell to 283.8 million barrels in late September, their lowest level since October 1982. The reserve was at 406 million barrels a year earlier. The drawdown followed a 172 million-barrel release authorised in March as part of a wider coordinated release by IEA member countries. The releases were intended to ease pressure on the oil market during supply disruptions. The reserve is now approaching the range that analysts consider necessary for efficient operations. About 133 million barrels of the released crude are structured as swaps, with Shell, Vitol and Trafigura expected to return more oil from early next year.
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