The USA Energy Information Administration (EIA) announced that commercial crude oil stocks in the country increased by 700 thousand barrels (0.2 percent) last week to approximately 414 million 400 thousand barrels. The market expectation was that inventories would increase by approximately 2 million 167 thousand barrels.
Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased by 2 million 900 thousand barrels (0.5 percent) to 553 million 100 thousand barrels.
In the said period, the gasoline stocks of the USA decreased by 1 million 600 thousand barrels (0.7 percent) to 230 million 800 thousand barrels.
Oil production increased
The USA's crude oil imports increased by an average of 98 thousand barrels per day compared to the previous week and became 5 million 934 thousand barrels, while exports decreased by an average of 549 thousand barrels per day to 3 million 721 thousand barrels.
The country's daily crude oil production, on the other hand, increased by 19 thousand barrels in the week of April 16-22 and reached approximately 12 million 347 thousand barrels.
According to the EIA's "April 2022 Short-Term Energy Outlook Report, the average daily crude oil production of the United States is expected to reach 12 million barrels per day in 2022 and 13 million barrels next year, reaching the highest production level ever."
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