Ansarollah Official Website - Reports - 18 Rabi' al-Thani 1448 AH
Crude oil inventories in the U.S. Strategic Petroleum Reserve fell to 283.8 million barrels last week, marking the lowest level since October 1982, according to U.S. Department of Energy data reported by Reuters.
Withdrawals from the U.S. Strategic Petroleum Reserve, following an agreement to release 172 million barrels from the facility, have caused the domestic strategic oil reserve to drop to its lowest level in nearly 44 years.
The U.S. Strategic Petroleum Reserve recorded its lowest level since October 1982, reaching 284.6 million barrels at the end of the week ending September 18, according to Department of Energy data as well.
For his part, International Energy Agency (IEA) Executive Director Fatih Birol confirmed in early September that "the disruption of Russian gas supplies to Europe and problems related to supplies through the Strait of Hormuz have delivered a massive shock to the global economy."
He stated that IEA member countries might discuss the possibility of releasing additional quantities of strategic oil reserves into the market in the future.
Speaking to journalists in Dublin prior to a meeting of EU energy ministers, Birol added: "We are monitoring the markets very closely, particularly markets for products such as diesel and others. We will, of course, discuss necessary steps with member states should the need arise."
Birol declined to comment on proposals hinted at by French President Emmanuel Macron and others regarding the release of more strategic reserves in an attempt to lower oil prices.
