US Strategic Oil Reserves Fall to Lowest Level Since 1984

According to Department of Energy data, US oil reserves fell by 8.4 million barrels last week.

On Monday, Reuters reported, citing data from the US Department of Energy, that US strategic oil reserves have fallen to 434.1 million barrels, its lowest levels since 1984. According to the report, the reserves fell by 8.4 million barrels over the past week.

In June, Bloomberg reported that Washington has been selling crude from its Strategic Petroleum Reserve faster than expected; thus, US oil supplies could run out sooner than planned. The agency pointed out that if the US chooses to maintain the current rate of sales, its oil reserves would be reduced to 40-year lows of 358 million barrels by the end of October, the month in which it could stop its supply to the market.

OPEC+ To Cut Production Quotas by 100,000 Barrels of Oil Per Day

At the end of March, US President Joe Biden announced the daily release of one million barrels of crude oil from the nation’s strategic reserve over the next six months.

However, last week, US Energy Secretary Jennifer Granholm told Reuters that the government is considering the need to release more oil from the country’s emergency reserves after the current program ends in October.

#Nuevo reporte mensual de la Organización de Países Exportadores de Petróleo (#OPEP) ubica la producción petrolera venezolana de agosto en 723.000 barriles diarios, 94.000 barriles por día más que en julio, cuando el país reportó 629.000 barriles/día.🛢️🇻🇪👇https://t.co/K4tbKfIzOx pic.twitter.com/JJREF6wg53
— AntibloqueoVenezuela (@AntibloqueoVen) September 13, 2022

Oil production grows in August, still far from a million barrels per day
Meanwhile, Venezuela’s oil production registered an increase of 94,000 barrels per day in August compared to the figure reached in July 2022, a revelation that came to light in OPEC’s monthly oil market report published this Tuesday.

According to OPEC, the South American country produced an average of 723,000 barrels per day in August, while in July, pumping stood at 629,000 barrels per day.