US Crude Oil Stocks Plummet to Lowest Level Since 1983

US crude oil stocks in the Strategic Petroleum Reserve (SPR) plummeted to their lowest level since June 1983, dipping to 331.2 million barrels last week, according to data from the Department of Energy.

The drawdowns are part of a US agreement to release 172 million barrels from the facility to help push down fuel prices.

Since the war began at the end of February, overall US inventories have fallen by 96.2 million barrels to 758.5 million barrels, the lowest since 1985.

Inventories at Cushing, the main storage hub for oil in Oklahoma and the pricing point for US West Texas Intermediate crude futures, have eased to around 20 million barrels, a level considered to be an operational low for the tank storage farm.