In 2023, the volume of strategic oil reserves decreased by more than 30% to 368 million barrels. This is an anti-record since 1983. reported Russia Today with reference to materials from the US Department of Energy.
According to the ministry, if in mid-spring 2022 the United States was supplied with raw materials at 76.5% of the maximum possible level (727 million barrels), currently storage capacity has decreased to 50.6%.
Artem Deev, head of the analytics department of AMarkets, noted that after the US and then Europe imposed sanctions on the Russian energy sector, world oil prices skyrocketed to over $130 per barrel. According to analysts, the US’ refusal to buy oil from Russia led to fuel shortages in the US, and there was a jump in oil prices against the backdrop of limited supply.
BCS World of Investments stockbroker Igor Galaktionov pointed out that American producers significantly increased fuel supplies to Europe last year.
“The Biden administration tried to stabilize the market by selling oil from strategic reserves, especially because of the upcoming congressional elections,” Galaktionov told RT.
On April 19, the barrel price of North Sea Brent oil fell below $83.