US Strategic Oil Reserves Fall to Lowest Level Since 2024

US strategic petroleum reserves have fallen to their lowest level in nearly two years after a record weekly drawdown of almost 10 million barrels.

According to the US Department of Energy, the reserves now stand at around 374 million barrels, the lowest level since July 2024. The release forms part of a broader International Energy Agency (IEA) agreement to supply 400 million barrels of oil to global markets following the outbreak of war in the Middle East.

The conflict, triggered by US and Israeli strikes on Iran, has disrupted supplies and pushed energy prices sharply higher. The United States is contributing 172 million barrels to the coordinated release.

IEA Executive Director Fatih Birol also warned that commercial oil inventories are declining rapidly. He said rising demand for fuel, aviation and fertilizers could further tighten markets in the coming weeks.

(reuters, mja)