Unprecedented depletion of US oil stockpiles Loss of 11 million barrels in a week

Follow-ups – Al-Khabar Al-Yemeni:
The latest official data have shown that the US has entered a more critical phase of depleting its oil stockpiles, as the drawdown has extended to include both the strategic reserve and commercial inventories simultaneously.
During the week ending July 24, total crude oil stored fell by about 11 million barrels to 712.2 million barrels, an annual decline of 117.3 million barrels, equivalent to 14.1 percent.
Commercial inventories also fell by 7.2 million barrels to 404.5 million barrels, the lowest level since 2018, while the strategic reserve fell to 307.7 million barrels after losing 3.8 million additional barrels in one week, and 95.1 million barrels compared to the same period last year.
The data attributed this decline to refineries continuing to operate at 97.2 percent of capacity, with oil imports falling to 5.68 million barrels per day, while exports remained at about 3.47 million barrels per day, pushing inventories to compensate for the gap between consumption and supplies.
This comes as part of an American program approved in March to release 172 million barrels from the strategic reserve as part of an international plan to pump 400 million barrels into markets following supply disruptions from the Middle East, amid warnings that continued draws could reduce the reserve to about 243 million barrels.
In parallel, the US Government Accountability Office warned of a decline in the operational efficiency of the reserve due to aging infrastructure and delayed maintenance, at a time when supply pressures continue with disrupted navigation through the Strait of Hormuz and increasing risks in the Red Sea and Bab Al-Mandeb, which has led to rising oil and fuel prices within the US and raised concerns about Washington’s ability to cope with any new energy market disruptions.