Business & Finance
US strategic oil reserve falls to lowest level since 1982
Al Jazeera reports Brent crude rose to $110.85 a barrel as one analyst estimates only 400 million usable reserves remain outside China and Gulf stocks.
The short version
- Brent crude gained more than $2 on Wednesday, reaching $110.85 a barrel near a five-month high.[Al Jazeera]
- IEA members agreed on March 11 to release 400 million barrels from emergency supplies, and the US Strategic Petroleum Reserve has since fallen to 283 million barrels, its lowest since October 1982.[Al Jazeera]
- Analyst Aaron Kildow estimates about 400 million barrels of usable reserves remain worldwide outside China and Gulf stocks, while Kpler data cited by Al Jazeera put China's onshore crude at 1.13 billion barrels.[Al Jazeera]
- Reuters reports India's reserves cover just eight days of imports, and the reserve estimates hinge on whether Hormuz fully closes.[Al Jazeera]
Key facts
- Brent crude climbed to $110.85 a barrel on Wednesday, near a five-month high.[Al Jazeera]
- IEA members agreed on March 11 to make 400 million barrels of emergency supplies available.[Al Jazeera]
- The US Strategic Petroleum Reserve fell to 283 million barrels, its lowest level since October 1982, according to the US Department of Energy.[Al Jazeera]
- Analyst Aaron Kildow estimates about 400 million barrels of usable reserves exist worldwide, excluding China's stockpile and Gulf stocks.[Al Jazeera]
- China's onshore crude stocks stand at 1.13 billion barrels, down from 1.23 billion in late February, according to Kpler analyst Muyu Xu.[Al Jazeera]
- Reuters reports India's reserves cover just eight days of its imports.[Al Jazeera]
What remains uncertain
- The roughly 400 million barrel usable-reserve figure is an analyst estimate, and Gulf stocks could be cut off by a total closure of Hormuz, which the reporting does not confirm will happen.[Al Jazeera]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.