U.S. Strategic Petroleum Reserve Drops to Lowest Level Since 1987

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The amount of crude oil in the U.S. Strategic Petroleum Reserve (SPR) dropped by 5 million barrels in the week to May 13, data from the U.S. Department of Energy showed.

Winners of the latest round of sales from the SPR include Valero Energy Corp, Motiva, Exxon Mobil, Shell, Phillips and Marathon Petroleum Corp.

At least three vessels carrying crude oil from U.S. emergency stockpiles sailed for Europe in April as refiners there scrambled to replace Russian crude supplies, according to U.S. Customs data, ship tracking, and an industry source.

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