The US Energy Information Administration announced that crude oil inventories in the US Strategic Petroleum Reserve fell by 8.4 million barrels over the past week to 434.06 million barrels, the lowest level since October 1984.
The program to move crude oil from emergency stocks to commercial stocks is expected to end in October.
On the other hand, data from the government agency showed that US crude oil exports were up 40% over the past four weeks compared to the same period last year.
For four weeks, US oil product exports averaged 6.4 million barrels per day, up 26% from the same period a year ago.
The data showed that the supply of refined products from refineries, a measure of demand, stood at 19.7 million bpd over the past four weeks, down seven percent from the same period last year. Demand has fallen as the economy begins to slow down and in response to ever-increasing energy prices.
Source: El Iktisad
