US commercial crude oil inventories decreased 0.7% during the week ending Oct. 28, according to data released by the Energy Information Administration (EIA) on Wednesday.
Inventories fell by around 3.1 million barrels to 436.8 million barrels, against the market expectation of a decrease of around 6 million barrels.
Strategic petroleum reserves, excluded in commercial crude stocks, also fell by 1.9 million barrels to 399.8 million barrels last week, the data revealed.
Gasoline inventories decreased by 1.3 million barrels to 206.6 million barrels over the same period.
- Crude production declines
EIA data showed that US crude oil imports rose by 25,000 barrels per day (bpd) to around 6.21 million bpd during the week ending Oct. 28, while crude oil exports fell by around 1.2 million bpd to 3.93 million bpd.
US crude oil production, meanwhile, decreased by 85,000 bpd to approximately 12.35 million bpd over the same period.
In the October Short-Term Energy Outlook (STEO), the EIA forecasted that crude oil output in the US would average 11.75 million bpd in 2022, up from 11.25 million bpd in 2021.
Crude oil output in the country in 2023 is forecast to reach 12.36 million bpd.
By Firdevs Yuksel