The Wall Street Journal (WSJ) reports on the loss of the US oil buffer – the strategic oil reserve – due to the reaction to the fall in Russian oil exports.
The US strategic oil reserve is at an all-time low, the WSJ reports.
“Prepare to be hit: the US is running out of its safety cushion reserved for oil shocks,” the paper writes.
They recall that on 31 March Joe Biden ordered the release of some 180 million barrels – for six months at the rate of one million a day. Since then, the American reserve has decreased to about 427 million barrels – the lowest level since 1984.
Experts note that the decision to reduce the strategic reserve in Washington was made in response to an expected decline in Russian oil exports to the global market. However, the volume of its supplies decreased not by 3 million barrels per day, as predicted by the International Energy Agency, but only by 400-450 thousand barrels compared to the period before the start of the Russian operation in Ukraine.
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