The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by 900 thousand barrels last week by 0.2 percent to approximately 433 million 100 thousand barrels. The market expectation was that stocks would decrease by 1 million 700 thousand barrels.
Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased by 1 million 900 thousand barrels (0.3 percent) to 602 million 600 thousand barrels.
In the said period, US gasoline stocks increased by 4 million barrels (1.9 percent) to 215 million 400 thousand barrels.
OIL PRODUCTION INCREASED
Last week, the US's crude oil imports increased by 168 thousand barrels per day on average to 6 million 604 thousand barrels compared to the previous week, while exports increased by 99 thousand barrels per day to 2 million 704 thousand barrels.
The country's daily crude oil production, on the other hand, increased by 105 thousand barrels in the week of November 19-26 and reached approximately 12 million 54 thousand barrels.
According to the EIA's November 2021 Short-Term Energy Outlook Report, the average daily crude oil production of the USA is expected to be 11 million 130 thousand barrels per day this year and 11 million 900 thousand barrels next year.
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