Commercial crude oil inventories in the US decreased by 0.2% for the week ending Oct. 16, according to data released by the country's Energy Information Administration (EIA) on Wednesday.
Inventories fell by 1 million barrels to 488.1 million barrels in line with the market expectation of a 1 million-barrel draw.
Strategic petroleum reserves, which are not included in the commercial crude stocks, fell to 640.1 million barrels for the week ending Oct. 16, the data showed.
Gasoline inventories increased by 1.9 million barrels, or 0.8%, to 227 million barrels over that period.
- Crude production decreases
According to EIA data, US crude oil imports declined by 167,000 barrels per day (bpd) to around 5.12 million bpd for the week ending Oct. 16, while crude oil exports saw an increase of 901,000 bpd to 3.04 million bpd.
The data showed that US crude oil production fell by 586,000 bpd to approximately 10.36 million bpd during the same period.
US crude output is now estimated at 11.2 million bpd in 2020 and 11.1 million bpd in 2021, down from 12.2 million bpd in 2019, according to the EIA's forecast.
In November 2018, the US first surpassed Saudi Arabia, and then Russia to become the world's biggest crude oil producer.
By Firdevs Yuksel