Oil stocks in US Strategic Petroleum Reserve fall by 5.5 million to lowest level since 1983

[BumRushDaShow]

Source: Reuters

June 29, 2026 4:07 PM EDT Updated 2 hours ago


HOUSTON, June 29 (Reuters) - Stocks of ​crude oil in the U.S. ‌Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, ​the lowest level since May ​1983, according to data from the ⁠Department of Energy.

The drawdowns are ​a part of a U.S. ​agreement to release 172 million barrels from the facility to plug a gap in ​global inventories after the Iran ​war and help push down fuel prices.

U.S. ‌crude ⁠stocks have rapidly declined in recent weeks due to strong export and refining demand for American ​oil.

Since the ​war began ⁠at the end of February, overall U.S. inventories, ​including commercial and SPR stocks, ​have ⁠fallen by 111.4 million barrels to 743.3 million barrels as of ⁠June ​19, the lowest ​since 1984.

Read more: https://www.reuters.com/business/energy/oil-stocks-us-strategic-petroleum-reserve-fall-by-55-million-lowest-level-since-2026-06-29/

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Short article at post time.

[LiberalArkie]

1. I guess the US oil companies should stop exporting our oil

[3Hotdogs]

2. It's not that simple. Oil refineries are built to refine a specific grade of oil. Other grades are shipped overseas

to countries whose refineries can process it.

Tar sands oil goes out of our country because we can't refine it without building new refineries. Then you get N.I.M.B.Y. resistante.

[LiberalArkie]

3. From a search of "what grade of oil does the U.S. export"

The United States primarily exports light, sweet crude oil along with refined petroleum products such as gasoline, diesel, and jet fuel.
Crude Oil Grades Exported
The U.S. produces mostly light, sweet crude oil, particularly from shale formations in Texas and New Mexico, such as the Permian Basin, which drives the majority of production growth

. This type of crude has a low sulfur content and lower density, making it easier to refine into gasoline and diesel. U.S. crude exports are largely of this grade because domestic refineries are optimized for heavier crudes, leaving surplus light, sweet crude available for international markets

.
Export Volumes and Composition
In 2025, the U.S. exported about 10.7 million barrels per day of petroleum and petroleum products, with crude oil comprising roughly 37% of total exports

. The remaining 63% consists of refined products, including gasoline, diesel/distillate, LPG, and jet fuel. Refined products are the dominant export category due to high refinery output and global demand for middle distillates like diesel

Destinations
U.S. crude oil exports primarily go to Europe and Asia/Oceania, while refined products are shipped to a mix of European, Latin

American, and Asian markets depending on seasonal demand and logistical considerations

. The Netherlands is a major importer of U.S. petroleum products

.