Symbolic imageUS emergency oil reserve falls to lowest level since 1983 as Hormuz stays shut
The US Strategic Petroleum Reserve has fallen to 304.81 million barrels, its lowest since March 1983, leaving about 43 days of cover on Energy Department and Bank of America figures.
The stockpile fell 0.92 percent from 307.65 million barrels a week earlier and is 24.32 percent below the 402.74 million held a year ago, Telesur reported on Saturday, 8 August. President Donald Trump ordered the releases to contain prices after Iran shut the Strait of Hormuz, once a fifth of world oil traffic, in the war Washington and Israel began against Iran on 28 February. Kpler analyst Matt Smith said strategic barrels are finite and refilling them will ultimately push prices higher.
Half the release already sold
Washington authorised 172 million barrels over 120 days, of which roughly 108.6 million have reached the market. About half the crude released between April and May went to exports to Europe and Asia; S&P Global estimates the blockade has cut off more than 1.2 billion barrels of transit.
Trump blames oil majors
Trump warned on 17 June that the reserve would be exhausted in about four weeks at the rate then, and has since accused ExxonMobil and Chevron of profiting from wartime prices while urging them to cut pump prices.
Other opinions
Both accounts come from Venezuela's state-affiliated Telesur, which frames the drawdown as fallout from what it calls a war of aggression by Washington and Israel.