Stocks of crude oil in the US ‌Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983, according to data from the ⁠Department of Energy.

The drawdowns are a part of a US agreement to release 172 million barrels from the facility to plug a gap in global inventories after the Iran war and help push down fuel prices.

US ‌crude ⁠stocks have rapidly declined in recent weeks due to strong export and refining demand for American oil.

Since the war began ⁠at the end of February, overall US inventories, including commercial and SPR stocks, have ⁠fallen by 111.4 million barrels to 743.3 million barrels as of ⁠June 19, the lowest since 1984.

• A Reuters report