US Crude Oil Inventories Rise Amid Hormuz Shipping Disruptions

The American Petroleum Institute (API) said that crude oil stocks in the United States increased by 2.603 million barrels in the week ending July 17. The week before, crude oil stocks decreased by 564,000 barrels.

Crude oil stocks have fallen quickly over the last three months. They lost over 57 million barrels in thirteen weeks. So far this year, stocks are down by only 7 million barrels. This is due to withdrawals from the Strategic Petroleum Reserve (SPR), which is the emergency oil supply.

On July 17, 5.1 million barrels were taken from the SPR. Now, it has 316.5 million barrels left. This is much lower than the minimum needed for good operation, which is between 250-300 million barrels.

US oil production increased to 13.861 million barrels per day, up slightly from the previous week. Brent crude oil is now priced at $91.36, as tensions with Iran grow. Gasoline stocks fell by 1.379 million barrels, while distillate stocks grew by 1.759 million barrels.

How much do you know?

By how many million barrels did crude oil stocks increase in the week ending July 17?

2.603

1.379

57

13.861

What was the change in crude oil stocks in the week before July 17?

Increased by 2.603 million barrels

Decreased by 564,000 barrels

Increased by 1.759 million barrels

Decreased by 5.1 million barrels

How many barrels did crude oil stocks lose over the last three months?

57 million

7 million

564,000

316.5 million

What is the current price of Brent crude oil?

$91.36

$86.50

$100

$95

How much was taken from the Strategic Petroleum Reserve on July 17?

5.1 million barrels

2.603 million barrels

1.379 million barrels

316.5 million barrels

What is the minimum amount of oil needed for good operation of the SPR?

250-300 million barrels

300-350 million barrels

200-250 million barrels

150-200 million barrels

Crude oil stocks in the United States decreased by over 57 million barrels in three months.

True False

There are 316.5 million barrels left in the Strategic Petroleum Reserve.

True False

US oil production decreased to 13.861 million barrels per day.

True False

Gasoline stocks increased by 1.379 million barrels.

True False

Distillate stocks grew by 1.759 million barrels.

True False

The withdrawals from the SPR were responsible for a decrease in stocks of 7 million barrels this year.

True False

The US crude oil stocks increased by million barrels in the week ending July 17.

On July 17, million barrels were taken from the Strategic Petroleum Reserve.

As of now, the SPR has million barrels left.

Gasoline stocks fell by million barrels.

Over the last three months, crude oil stocks lost million barrels.

The minimum oil needed for good operation in the SPR is between million barrels.

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