US commercial crude oil inventories decreased 0.2% during the week ending Nov. 26, according to the latest data released by the Energy Information Administration (EIA).
Inventories fell by 900,000 barrels to 433.1 million barrels, against the market expectation of a 1.7 million-barrel fall.
Strategic petroleum reserves, which are not included in commercial crude stocks, also declined by 1.9 million barrels to 602.6 million barrels last week, the data revealed.
Gasoline inventories increased by 4 million barrels to 215.4 million barrels over that period.
- Crude production increases
According to EIA data, US crude oil imports increased by 168,000 barrels per day (bpd) to around 6.6 million bpd during the week ending Nov. 26, while crude oil exports rose by 99,000 bpd to around 2.7 million bpd.
US crude oil production, meanwhile, increased by 105,000 bpd to approximately 12.54 million bpd during the same period.
The EIA forecasts that US crude output is estimated at 11.9 million bpd for 2022, up from 11.1 million bpd in 2021.
By Ebru Sengul Cevrioglu