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The US Strategic Petroleum Reserve (SPR) dropped by almost 800,000 barrels last week, and the Trump administration moved forward with plans to sell another 40 million barrels in the coming months.
New data released on Monday by the US Department of Energy showed the US energy backstop sitting at 283 million barrels, down from 283.77 million the week prior.
That leaves about two weeks of US oil consumption in the reserve amid widespread worries about global stockpiles, which the head of Saudi Arabia's state producer on Monday called "scarily thin."
