Key facts
- US crude oil inventories fell by 6.75 million barrels in the week ending May 29.
US crude oil inventories fall sharply, SPR nears all-time low
IN SHORT
US crude oil inventories fell by 6.75 million barrels in the week ending May 29, following a 2.8 million barrel decrease in the prior week. Despite this, year-to-date crude inventories have risen by 16 million barrels. The U.S. Strategic Petroleum Reserve is nearing its lowest level since 1983, with current holdings around 370 million barrels.
Key Numbers
6.75 million barrelsUS crude oil inventory draw for week ending May 29
2.8 million barrelsUS crude oil inventory draw for prior week
16 million barrelsUS crude inventories rise year-to-date
370 million barrelsCurrent US Strategic Petroleum Reserve inventory
1983Year of previous lowest SPR level
Who's Involved
American Petroleum Institute (API)
Estimated crude oil inventory changes in the US
U.S. Department of Energy
Manages the Strategic Petroleum Reserve
↳ Why This Matters
A critically low SPR limits the U.S.'s capacity to respond to future supply emergencies and could contribute to higher oil prices if supply is disrupted.