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US Energy Secretary Jennifer Granholm said that the United States intends to refill its strategic oil reserve by the end of 2024, after the stock fell to its lowest historical levels last year.
In the wake of the Russian-Ukrainian war, US President Joe Biden announced an unprecedented withdrawal from oil reserves in a move criticized by Republicans.
Between September 2021 and July 2023, the United States consumed about 274 million barrels of reserve, causing it to fall to its lowest level in 40 years.
In June 2023, the US government began buying back oil to boost reserves, and in the following nine months, the strategic oil reserve was increased by about 14.7 million barrels, according to the US Energy Information Administration.
Washington established the reserve in the 1970s as an emergency reserve after the 1973 energy crisis.
Source: Agence France-Presse