US oil reserves hit 43-year low
Washington has leaned heavily on reserves since the US-Iran war began.
The US Strategic Petroleum Reserve has plummeted to its lowest level in 43 years, falling below 300 million barrels for the first time since 1983. This decline occurred as Brent crude prices surged following the failure of Middle East negotiations. Washington has been increasingly reliant on these reserves since the US-Iran war commenced, raising concerns about potential depletion.
Meanwhile, China's influence on global oil prices has grown significantly, with the country displaying remarkable control over oil markets. This newfound ability to impact oil prices has led some to suggest that China is now the new OPEC, surpassing other nations in both emissions and the adoption of green energy.
Brief written by urgent.news from Semafor's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.
