The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by about 6 million 900 thousand barrels to 436 million 600 thousand barrels last week. Market expectations were that stocks would increase by 1 million 800 thousand barrels.
Strategic crude oil stocks, which are not included in commercial crude oil stocks, increased by 800 thousand barrels to 353 million 300 thousand barrels.
In the said period, US gasoline stocks decreased by about 600 thousand barrels to 226 million 100 thousand barrels.
Oil production increased
US crude oil imports decreased by an average of 415 thousand barrels per day to 6 million 276 thousand barrels last week compared to the previous week, while crude oil exports decreased by an average of 206 thousand barrels per day to 3 million 915 thousand barrels.
The country's daily crude oil production increased by 7 thousand barrels to 13 million 737 thousand barrels in the week of December 15-22.
According to the EIA's "December 2023 Short-Term Energy Outlook Report", the average daily crude oil production of the US is expected to be approximately 12 million 900 thousand barrels this year and 13 million 110 thousand barrels next year.
