U.S. Strategic Petroleum Reserves Decline Despite Lower Oil Prices
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Insights by Echo AI
The U.S. strategic petroleum reserves, including gasoline, distillates, and jet fuel, are 47 million barrels lower than in 2023 despite a decrease in oil prices. In 2023, the WTI oil price was around $80 per barrel, while currently, it is around $75 per barrel. The Strait of Hormuz was open in 2023, and the world did not face a shortage of around 11 million barrels per day in oil supplies from Middle Eastern countries.
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