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United States Department of Energy: strategic oil reserve reaches the planned reserve

According to foreign reports on December 30, the United States Department of Energy data shows that the United States currently has nearly 727 million barrels of strategic petroleum reserve, which has reached the planned reserve.

The federal law passed in 2005 in the United States required an increase in strategic oil reserves to 1 billion barrels, but the Department of Energy stated that the Obama administration did not take a stance on this.

Recently, the independent analysis agency of the Ministry of Energy released demand forecasts indicating that the level of dependence on overseas oil will be lower than expected when formulating expansion plans.

Currently, the net oil imports of the United States are expected to be 11.1 million barrels per day, and are expected to decrease to 9.66 million barrels per day by 2035. In recent years, nearly 60% of the United States' oil demand has to be met through imports, but with the development of biofuels and other alternative energy sources, this proportion is expected to decrease to around 50% by 2035.

According to the International Energy Agency (IEA) regulations, the crude oil inventory held by its member governments and enterprises must reach the country's net import volume of 90 days. The United States currently has 726.6 million barrels of strategic oil reserves, which alone can meet the 75 day import demand. Although commercial inventory is constantly changing, the total inventory will easily exceed the 90 day net import demand requirement.

The current strategic oil reserves of the United States include 292.6 million barrels of light low sulfur crude oil and 434 million barrels of heavy high sulfur crude oil.

Some members of Congress advocate for the establishment of petroleum product reserves, such as gasoline and diesel reserves, but the Department of Energy stated that the government has also not expressed its position.