Shafaq News- Houston
US Strategic Petroleum Reserve stocks fell by 5.1 millionbarrels last week to 311.4 million, following a 3-million-barrel decline theprevious week and reaching their lowest level since March 1983, EnergyDepartment data showed.
The reserve has declined by 104.04 million barrels since theUS-Israeli war on Iran began in late February, as Washington implements itsplanned 172-million-barrel contribution to an international emergency release.
The United States joined other International Energy Agencymembers in releasing stocks after the conflict disrupted Gulf oil supplies andshipping through the Strait of Hormuz. Most US barrels are being providedthrough exchanges, allowing companies to borrow crude and later return it withadditional premium barrels.
Department of Energy awards have so far covered about 133million barrels.
Combined US commercial and strategic crude inventories stoodat 726.2 million barrels on July 10, down 129 million and their lowest levelsince 1984. Updated figures for the week ending July 17 are due on Wednesday.
Created after the 1970s oil crisis, the reserve stores crudein underground Gulf Coast salt caverns and has a nominal capacity of about 714million barrels.
