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(Archyde.com) – The US Energy Information Administration said on Wednesday that inventories in the United States’ Strategic Petroleum Reserve fell by 8.4 million barrels over the past week to 434.06 million barrels, the lowest level since October 1984.
The program to release crude from emergency reserves to commercial stocks is expected to end in October.
On the other hand, data from the government agency showed that US exports of crude oil rose 40 percent over the past four weeks compared to the same period last year.
Over the four weeks, US petroleum product exports averaged 6.4 million barrels per day, an increase of 26 percent over the same period a year ago.
The data indicated that the supply of oil products from refiners, an indicator of demand, amounted to 19.7 million barrels per day over the past four weeks, a decrease of seven percent from the same period last year. Demand has fallen as the economy begins to slow and in response to persistent rises in energy costs.
(Prepared by Wagdy Al-Alfi for the Arabic Bulletin)