US strategic petroleum reserve falls to lowest level since 1982

The US Strategic Petroleum Reserve has fallen to its lowest level since 1982, with crude oil stocks standing at 283.8 million barrels for the week ending September 25, according to US Department of Energy data.

The decline in global oil reserves began in early March, when the US president ordered the release of 172 million barrels from strategic reserves as part of an agreement with the International Energy Agency. The US Energy Department has described the release as part of a coordinated 400-million-barrel action by IEA member states.

The move was prompted by a sharp rise in crude prices and supply disruptions stemming from the conflict in the Middle East.

By Jeyhun Aghazada