U.S. Strategic Petroleum Reserve hits lowest level since 1983 amid Iran war supply disruption
By
Spencer Kimball
Plain bagel done well. Pleasantly substantive.
Summary
The U.S. Strategic Petroleum Reserve has dropped to 340.3 million barrels, its lowest level since 1983, due to emergency releases aimed at offsetting supply disruptions caused by the Iran war. A deal between the U.S. and Iran to reopen the Strait of Hormuz is expected to be signed on Friday, as oil executives warn that global inventories are critically depleted.
Key quotes
· 3 pulledThe SPR stood at 340.3 million barrels as of June 12, the lowest level since the summer of 1983
The deal that the U.S. and Iran are set to sign on Friday to reopen the Strait of Hormuz comes as oil executives have warned that global inventories are rapidly depleting to critical levels.
Oil executives have warned that global inventories are rapidly depleting due to the supply disruption triggered by the Iran war.
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