Historical data from the energy sector show that the last time U.S. oil reserves fell below this level was during the week ending October 8, 1982, when the reserve stood at 278.725 million barrels. Meanwhile, the U.S. Energy Information Administration (EIA) reported on November 4 that during the week ending October 30, the strategic reserve had declined by 399,000 barrels to 282.184 million barrels.
The continued decline in the oil reserve is part of a campaign launched by Washington last March based on a previous plan by U.S. President Donald Trump to release 172 million barrels from the strategic reserve. The move was part of a joint effort by member countries of the International Energy Agency (IEA) to put 400 million barrels of oil on global markets in an effort to control prices and ensure fuel supplies.
