Story perspectives

Cushing Near 20-Million-Barrel Limit, Brent May Surge

6/13/2026

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Summary

Story summary

Cushing, Oklahoma holds 21.6 million barrels of crude, just above the 20 million-barrel stress limit.
The Strategic Petroleum Reserve released 66.2 million barrels since late February and dropped 7.9 million barrels the week of June 5, leaving 349.2 million barrels.
Analysts warn inventories near the 20-million-barrel floor could push Brent to $160-$200 per barrel, after Brent fell to $87.04 and WTI to $84.60 on June 12 amid a possible U.S.–Iran deal.

History

Historical Context

After the 1973 Arab oil embargo forced the United States to confront supply shocks, President Ford signed the 1974 Energy Policy and Conservation Act, creating the Strategic Petroleum Reserve. OPEC’s 15 % revenue hike that September underscored the crisis. The SPR’s latest emergency drawdown, highlighting the need for a permanent buffer, echoes those early releases.

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Story summary

Cushing, Oklahoma holds 21.6 million barrels of crude, just above the 20 million-barrel stress limit.
The Strategic Petroleum Reserve released 66.2 million barrels since late February and dropped 7.9 million barrels the week of June 5, leaving 349.2 million barrels.
Analysts warn inventories near the 20-million-barrel floor could push Brent to $160-$200 per barrel, after Brent fell to $87.04 and WTI to $84.60 on June 12 amid a possible U.S.–Iran deal.

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