Key facts
- US crude oil inventories fell by 765,000 barrels.
- Commercial crude oil inventories have dropped significantly over the past two months.
- The Strategic Petroleum Reserve (SPR) is being drawn down.
- The SPR has reached its lowest level in over four decades.
According to data from the American Petroleum Institute (API), US crude oil inventories declined by 765,000 barrels. This drop contributes to a broader trend of significant decreases in commercial crude oil inventories observed over the past two months. Concurrently, the Strategic Petroleum Reserve (SPR) is undergoing a continued drawdown, a process that has led to its current level being the lowest in over four decades. This sustained reduction in national oil reserves reflects ongoing efforts to manage energy supplies and potentially influence market dynamics.