The USA Energy Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by 5.1 million barrels (1.2 percent) to 414 million 700 thousand barrels last week. The market expectation was that inventories would decrease by approximately 1.18 million barrels.
Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased by 5.4 million barrels (1 percent) to 526.6 million barrels.
In the said period, the US gasoline stocks decreased by 700 thousand barrels (0.3 percent) to 219 million barrels.
Oil production increased
The crude oil imports of the USA decreased by an average of 268 thousand barrels per day compared to the previous week and became 6 million 210 thousand barrels, while its exports decreased by an average of 351 thousand barrels per day and became 3 million 990 thousand barrels.
The country's daily crude oil production decreased by 10 thousand barrels in the week of May 21-27 and amounted to 12 million 350 thousand barrels.
According to the EIA's "May 2022 Short-Term Energy Outlook Report", the daily average crude oil production of the USA is expected to be 11 million 910 thousand barrels in 2022 and 12 million 850 thousand barrels next year.
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