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U.S. Strategic Petroleum Reserve drops to lowest level since 1987 -Breaking

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© Reuters. FILE PHOTO A maze of crude-oil pipes and valves was pictured on a Department of Energy tour of the Strategic Petroleum Reserve, Freeport, Texas. U.S.A, June 9, 2016. REUTERS/Richard Carson

HOUSTON, (Reuters) – The U.S. Strategic Petroleum Reserve’s (SPR), decreased by 5,000,000 barrels during the week ending May 13, according to data provided by the U.S. Department of Energy.

The stockpiles of the Strategic Petroleum Reserve dropped to 538,000,000 barrels. This is the lowest level since 1987.

The data shows that about 3.9 Million barrels were of sour oil, and that approximately 1.1 Million barrels was of sweet crude.

Joe Biden, the President of the United States announced in March the biggest ever release from their emergency oil reserve. This was 1 million barrels per days (bpd), which is crude oil that will be available for six month.

This 180-million barrel release corresponds to approximately two days global demand. It was also the third Washington tap the SPR within the past six months.

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