Considering the unstable situation in the world, it was stated that US oil reserves are very low. report Mike Sommers, president of the American Petroleum Institute (API), told S&P Global.
“Given all the volatility in the world, we would prefer to be in a situation where there is a large amount of oil in strategic reserves. “We may need it, given today’s geopolitical risks,” he said.
According to Somers, the US Department of Energy is replenishing its oil reserves very slowly. Meanwhile, the level of oil reserves in the country is now lower than in 1983, when fuel consumption was 20% less.
The US strategic reserve decreased continuously from September 2021 until the beginning of last year. From January 2023 to March 2023, the figure remained unchanged and then began to decline again.
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