US Strategic Petroleum Reserve Low at 416.4M Bbl

U.S. President Joe Biden has pulled the country's oil reserve as part of efforts to control gas prices in the country. 

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Since the beginning of the year, the U.S. has been imposing significant economic sanctions on Russia for its special military operation in Ukraine.

These sanctions, involving restrictions on Russian energy exports, backfired on Washington as gas prices skyrocketed.

Amid this scenario, Biden has pulled the country's Strategic Petroleum Reserve, causing a severe depletion. As reported by Fox Business, citing U.S. Department of Energy data, U.S. emergency oil stocks are at the lowest level since 1984, with just 416.4 million barrels last week.

Some 180 million barrels of the country's strategic reserve were ordered to be released by the U.S. President in six months. Another 10 million barrels are planned to be released in November, the White House announced. 

In this context, it is worth mentioning OPEC+'s recent announcement of a "two million" barrels per day production cut for the sake of "energy security." This decision has met with opposition from Washington, which has seen it as the result of an alignment with Russia.