Oil stocks in U.S. strategic petroleum reserve fall to lowest level since 1982

An undated photo provided by the Department of Energy shows crude oil pipes at the Bryan Mound site near Freeport, Texas. (Department of Energy via AP, File)

Stocks of crude oil in the US Strategic Petroleum Reserve fell to 282.2 million barrels last week, the lowest level since October 1982, according to data from the Department of Energy.

The recent drawdowns have been part of a U.S. agreement to release 172 million barrels from the facility.

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The U.S. government said last week that oil companies have agreed to borrow about 40 million barrels of crude from the Strategic Petroleum Reserve, the last batch of the US share of a global deal aimed at controlling fuel prices after the US and Israel started the war on Iran.

(Reporting by Pablo Sinha in Bengaluru)

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