The US Strategic Petroleum Reserve decreased to 357.1 million barrels for the week ending May 29, 2025, hitting a low not seen since January 2024. This is reflected in the weekly report on the oil market status from the US Energy Information Administration, released on Wednesday.
Energy companies have been extracting crude oil from reserves for ten consecutive weeks — the first time we've seen such a prolonged draw since July 2023.
In the week ending 05.29.2025, companies pulled around 8.0 million barrels from reserves. That's down from 9.1 million barrels taken out in the week ending 05.22.2025, and the record 9.9 million barrels extracted in the week ending 05.15.2025.