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Commercial Oil Reserves In The United States Reached A Record Of 541 Million Barrels

Commercial Oil Reserves In The United States Reached A Record Of 541 Million Barrels

Commercial oil reserves in the United States are at a record level of 541 million barrels due to lower demand for petroleum products, according to the Energy Information Administration (EIA) of the US Department of energy.

"The recent decline in demand for petroleum products has led to the fact that commercial oil reserves in the United States reached a record level of 541 million barrels as of the week ending June 19," said in the materials of the Department.

This figure is 5 million barrels more than the previous record set at the end of March 2017.

At the same time, storage facilities in the US are only 62% full, the US Department of Energy notes.

Commercial crude oil reserves do not include oil stored in the US strategic petroleum reserve, which was 654 million barrels as of June 19.

Total commercial oil reserves include volumes stored in refineries, tank farms, and pipelines, as well as reserves transported by water and rail.

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