US Oil Reserves Sink to 293.4 Million Barrels After 172 Million-Barrel Release
Updated
Updated · The National · Aug 17
US Oil Reserves Sink to 293.4 Million Barrels After 172 Million-Barrel Release
3 articles · Updated · The National · Aug 17
Summary
293.4 million barrels remain in the US Strategic Petroleum Reserve after a 172 million-barrel release, leaving stockpiles at their lowest level since 1982.
Only three vessels passed through the Strait of Hormuz on Sunday as the Iran war shut the chokepoint, tightening Middle Eastern supply and keeping pressure on US fuel markets.
$1.07 a litre is what American drivers are now paying for petrol, up from about 83 cents a year earlier, underscoring why Washington is still trying to contain pump prices.
The US Energy Secretary plans talks with American companies on raising refinery output to ease prices, while President Donald Trump framed the drawdown as part of pressure on Iran.