US Crude Oil in the Strategic Petroleum Reserve Stocks (2024)

FAQs

US Crude Oil in the Strategic Petroleum Reserve Stocks? ›

As of July 21, 2023, the inventory was 346.8 million barrels (55,140,000 m³).

As of July 21, 2023, the inventory was 346.8 million barrels (55,140,000 m³).

Basic Info. US Crude Oil in the Strategic Petroleum Reserve Stocks is at a current level of 364.24M, up from 363.64M last week and down from 371.18M one year ago. This is a change of 0.16% from last week and -1.87% from one year ago.

Oil Reserves in the United States

The United States has proven reserves equivalent to 4.9 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).

US Crude Oil Stocks is at a current level of 824.88M, up from 821.49M last week and down from 840.12M one year ago. This is a change of 0.41% from last week and -1.81% from one year ago. US Crude Oil Stocks reflects the domestic weekly stocks of US oil.

Proved reserves of crude oil and lease condensate. We estimate that the United States had 44,418 million barrels of proved reserves of crude oil and lease condensate as of December 31, 2021—an increase of 16% from year-end 2020.

HOW MUCH IS COMING BACK? The administration has so far bought back about 32.3 million barrels of domestically-produced crude oil, since the 2022 sales, it says. The DOE says it has also sped up the return of nearly 4 million barrels to the SPR from loans to oil companies.

Thanks to the shale oil boom, the US is now sitting on more oil reserves than Russia, which estimates as having 256 billion barrels of untapped oil. The next-richest countries in terms of oil after that are: Saud Arabia (212 billion), Canada (167 billion), Iran (143 billion) and Brazil (120 billion).

Conclusion: how long will fossil fuels last? It is predicted that we will run out of fossil fuels in this century. Oil can last up to 50 years, natural gas up to 53 years, and coal up to 114 years. Yet, renewable energy is not popular enough, so emptying our reserves can speed up.

That happens because of a combination of economics and chemistry. The economics are simple: overseas oil, even after shipping costs, is often cheaper than domestically-produced crude.

Does the US have more oil than Saudi Arabia? ›

Thus, while the U.S. might indeed have greater oil resources than Saudi Arabia, U.S. oil reserves (per the BP Statistical Review of World Energy) are only about 1/10th those of Saudi Arabia. The distinction is important.

Texas houses far more proved crude oil reserves than any other U.S. state. As of 2021, there was over 18.6 billion barrels of crude oil reserves in Texas; the largest sources being the Eagle Ford and Permian basin.

The top five destination countries of U.S. total petroleum exports by export volume and percentage share of U.S. total petroleum exports in 2023 were: Mexico—1.17 million b/d—11% China—0.98 million b/d—10% The Netherlands—0.86 million b/d—9%

Today's live Brent crude oil spot price is at $86.98 per barrel.

In the oil industry, one barrel (unit symbol bbl) is a unit of volume used for measuring oil defined as exactly 42 US gallons, approximately 159 liters, or 35 imperial gallons.

WASHINGTON, D.C. — Today, the U.S. Department of Energy's (DOE) Office of Petroleum Reserves announced a solicitation for approximately 3 million barrels of oil for delivery to the Strategic Petroleum Reserve (SPR) in August 2024.