US commercial crude oil inventories rose 1.1% during the week ending Sept. 24, according to the latest data released by the Energy Information Administration (EIA).
Inventories increased by 4.6 million barrels to 418.5 million barrels against the market expectation of a 2.3 million-barrel draw.
Strategic petroleum reserves, which are not included in commercial crude stocks decreased by 900,000 barrels to 618.7 million barrels last week, the data revealed.
Gasoline inventories increased by 200,000 barrels to 221.8 million barrels over that period.
- Crude production rises
According to EIA data, US crude oil imports rose by 87,000 barrels per day (bpd) to around 6.55 million bpd during the week ending Sept. 24, while crude oil exports also grew by 211,000 bpd to around 3.02 million bpd.
The data showed that US crude oil production also rose by 509,000 bpd to approximately 11.54 million bpd during the same period.
The EIA forecasts that US crude output is estimated at 11.8 million bpd for 2022, up from 11.1 million bpd in 2021.
In November 2018, the US first surpassed Saudi Arabia and then Russia to become the world's largest crude oil producer.
By Firdevs Yuksel