Newsweek reported that US crude oil inventories are falling at an unprecedented rate, and increased exports and withdrawals from emergency reserves to compensate for disruptions caused by the war with Iran have affected global energy markets.
According to the US Energy Information Administration, total US crude oil inventories fell by 17.8 million barrels in the week ending May 15, the largest weekly decline in recent memory.
According to this report, total US oil reserves now stand at 819.2 million barrels, of which 374.18 million barrels are in the US Strategic Petroleum Reserve (SPR).
