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US strategic crude oil reserves drop to lowest level in 44 y

Beijing, October 20 (Xinhua) -- According to data from the US Department of Energy, crude oil reserves in the US Strategic Petroleum Reserve fell to 282.7 million barrels last week, the lowest level since October 1982.

Reuters reported on the 20th, citing data from the US Department of Energy, that crude oil reserves in the US Strategic Petroleum Reserve program have dropped to their lowest level in 44 years. On October 15, 1982, the crude oil reserves in the US Strategic Petroleum Reserve program were 280.802 million barrels.

This is a photo taken on August 24th at the oil terminals in New York and New Jersey ports in the United States. Photo by Xinhua News Agency reporter Zhang Fengguo

The US Department of Energy issued a statement on March 11th stating that it will release 172 million barrels of strategic oil reserves within approximately 120 days to cope with the rising oil prices caused by the US and Israeli military strikes against Iran. The US Department of Energy stated that the release of strategic oil reserves in the United States can be achieved through "sales" and "swaps". Under the "swap" method, refining companies can borrow crude oil from strategic reserves in case of emergencies such as hurricanes, pipeline blockages, or channel closures, and then return it in full.

Before the outbreak of the US Israel Iran conflict on February 28th, the crude oil reserves in the US Strategic Petroleum Reserve program were 415.4 million barrels. (Bao Xuelin)

(Editor in charge: Ma Changyan)