Record Oil Draw From US Emergency Reserve Drives Total Volumes to Two-Year Low 

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HOUSTON (Reuters) – A record 9.9 million barrels of oil were shipped out ​from the U.S. Strategic Petroleum Reserve last week, data from ‌the Department of Energy showed on Monday, pushing the total volumes in the U.S. government’s emergency stash to about 374 ​million barrels, its lowest since July 2024.

The Trump ​administration is seeking a release of 172 million ⁠barrels from the reserve as part of a global ​agreement to calm oil markets as prices spiked over ​the U.S.-Israeli war with Iran that began nearly three months ago.

The Energy Department in April had offered about 92.5 million barrels ​of sweet and sour crudes from the four ​different storage caverns along the Texas and Louisiana coast. About 53.33 ‌million ⁠barrels, the most this year, were awarded last week.

Fatih Birol, head of the International Energy Agency, said on Monday that commercial oil inventories were depleting rapidly, with only ​a few weeks’ ​worth left ⁠due to the Iran war and the effective closure of the Strait of Hormuz, ​through which around a fifth of global ​oil supplies ⁠passed daily before the conflict began.

Global observed oil inventories fell at a record pace in March and ⁠April, ​dropping by 246 million barrels, the ​IEA said in its latest monthly oil market report.

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