Oil Stocks According to the US Energy Information Administration (EIA) Report
The US Energy Information Administration (EIA) announced that the country’s commercial crude oil stocks decreased by 12.2 million barrels last week to 448.5 million barrels. This figure was above market expectations. Gasoline stocks fell by 2.2 million barrels to 231.7 million barrels.
Excluding commercial crude oil stocks, strategic crude oil stocks increased by 400 thousand barrels and reached 372 million 600 thousand barrels.
Oil Production and Export
The US’s crude oil imports decreased by an average of 65 thousand barrels per day compared to the previous week, reaching 6.547 million barrels. Crude oil exports increased by an average of 491 thousand barrels per day, reaching 4.401 million barrels. The country’s daily crude oil production decreased by 27 thousand barrels in the same period, reaching 13.583 million barrels.
EIA’s Energy Outlook Report
According to the EIA’s June 2024 Short-Term Energy Outlook Report, the US’s average daily crude oil production is expected to be 13.24 million barrels this year and 13.71 million barrels next year.
