US crude oil inventories rose 5 million barrels in June, setting a new record amid depressed demand for energy during the novel coronavirus crisis, the Energy Information Administration (EIA) said in a report on Monday
WASHINGTON (Pakistan Point News / Sputnik - 29th June, 2020) US crude oil inventories rose 5 million barrels in June, setting a new record amid depressed demand for energy during the novel coronavirus crisis, the Energy Information Administration (EIA) said in a report on Monday.
"Recent declines in demand for petroleum products have led commercial crude oil inventories in the United States to reach an all-time high of 541 million barrels as of the week ending June 19, which is 5 million barrels more than the previous record set in late March 2017," the report said.
The estimate excludes 654 million barrels held in the US Strategic Petroleum Reserve, the report also said.
US net commercial crude oil inventories were at 62 percent of total available storage capacity, most of which is held on the Gulf of Mexico cost where most of the nation's refining capacity is located, the report added.
Demand for oil has plummeted as the United States and other nations restrict business activity in an attempt to contain the pandemic that has infected more than 10 million people globally, with more than a quarter of reported cases in the United States, according data compiled by Johns Hopkins University.
