U.S. Strategic Oil Reserve Stocks at Lowest Level Since 1982

Al-Taj News – The U.S. Department of Energy announced on Monday, August 31, that crude oil stocks in the United States Strategic Petroleum Reserve fell by about 3.1 million barrels to 286.6 million barrels last week, their lowest level since November 1982.

The decline comes as part of a U.S. move to withdraw 172 million barrels from the reserves.

On Sunday, U.S. President Donald Trump said that the oil that will become available as a result of a recently reached agreement with Venezuela will be used to refill the Strategic Petroleum Reserve, whose levels have declined sharply in recent years to deal with disruptions to global supplies and rising fuel prices.

Trump added in a social media post today that the process of “completing the refilling” of the reserve will begin soon, describing Venezuelan oil as a “gift from Venezuela to the people of the United States.”