Per AA
US Energy Information Administration (EIA) data shows its Strategic Petroleum Reserves (SPR) dropped to 416.4 million barrels by the end of September. This is lower than the 417.3 million barrels of July 1984, the lowest reserve in 4 decades.
OPEC+ had a meeting last week where they agreed to cut production by 2 million barrels daily, causing global oil supply concerns amidst the Russia-Ukraine war.
US to release another 10 million barrels from its SPR next month.
