US Withdrew Oil From Strategic Reserve Last Week for First Time Since 2023, EIA Shows

The United States withdrew oil from its Strategic Petroleum Reserve for the first time last week since December 2023, data from the Energy Information Administration showed on Wednesday.

300,000 barrels of crude oil were taken out of the reserve last week, the data showed. The U.S. Energy Department had announced last week that it will allow oil major ExxonMobil to borrow up to a million barrels of crude from the reserve to support its refinery operations.