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US strategic oil reserve hits lowest level since 1983

June 16, 2026 / 9:11 AM
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Sharjah 24 - WAM: Stocks of crude oil in the US Strategic Petroleum Reserve fell to 340.3 million barrels, the lowest level since 1983, ​according to data from the Department of Energy on Monday.

Inventories in the government's emergency stash fell by 8.9 million barrels, the third steepest draw on record.

The drawdowns are a part of a US agreement to loan 172 million barrels from the facility to help push down fuel prices, which surged in recent months to multi-year highs.

June 16, 2026 / 9:11 AM

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