US commercial crude oil inventories dropped 0.1% for the week ending August 6, according to the latest data released by the Energy Information Administration (EIA).
Inventories decreased by 400,000 barrels to 438.8 million barrels, lower than the market expectation of a 1.05 million-barrel draw.
Strategic petroleum reserves, which are not included in commercial crude stocks, remained unchanged at 621.3 million barrels last week, the data revealed.
However, gasoline inventories decreased by 1.4 million barrels to 227.5 million barrels over that period.
- Crude production increases
According to EIA data, US crude oil imports decreased by 36,000 barrels per day (bpd) to around 6.4 million bpd for the week ending August 6, while crude oil exports rose by 759,000 bpd to around 2.7 million bpd.
The data showed that US crude oil production increased by 124,000 bpd to approximately 11.69 million bpd during the same period.
The EIA forecasts that US crude output is estimated at 11.1 million bpd for 2021, down from 11.24 million bpd in 2020.
In November 2018, the US first surpassed Saudi Arabia and then Russia to become the world's largest crude oil producer.
By Ebru Sengul Cevrioglu