U.S. Gasoline Supplies Hit 12-Year Low as Fuel Crisis Rages On
- The Strategic Petroleum Reserve fell to 283.8 million barrels last week, marking the lowest level since October 1982, according to Department of Energy data.
- President Trump authorized the current drawdown in March as part of a coordinated 400 million-barrel release by 32 IEA member countries, including a 172 million-barrel agreement from the facility.
- Swaps with Shell, Vitol, and Trafigura account for about 133 million barrels of the drawdown, with contracts requiring a return of 1.25 barrels for every one taken. The reserve is testing its 252.4 million barrel Federal operational minimum.
- Atlantic Council energy analyst Ben Cahill warned the releases carry diminishing returns, stating, "at a certain point it becomes a self-defeating move," while MST Marquee's Saul Kavonic described the market as "living on an oil market credit card."
- The Department pledged to refill about 200 million barrels within a year at no cost to taxpayers, following the discharge that was expected to take roughly 120 days.
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118 Articles
Business Recorder
325 million barrels of oil from strategic reserves released: IEA
PARIS: The International Energy Agency said Saturday that member countries had so far released 325 million barrels of oil and oil-derivative products from strategic reserves, from 400 million barrels promised in March. The update came a day after G7 countries, in coordination with the IEA, agreed to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by fallout from the US-Iran war. The G7…
Last March, after the beginning of the war in Iran, the International Energy Agency promised to release 400 million barrels of oil. In total, nearly one sixth of the strategic stocks of its member states have already been disposed of.
These stocks of petroleum products have been planned since 1974, the year following the Kippur war shock, to counter the sudden supply tensions.
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