US commercial crude oil inventories increased by 0.7% during the week ending Nov. 21, according to data released by the Energy Information Administration (EIA) late Wednesday.
Inventories rose by around 2.8 million barrels to 426.9 million barrels, exceeding the market prediction of a 1.3 million-barrel decline.
Strategic petroleum reserves, which are excluded from commercial crude stocks, increased 500,000 barrels, reaching 411.4 million barrels, the data revealed.
Over the same period, gasoline inventories rose by around 2.5 million barrels to 209.9 million barrels.
- Crude production decreases
EIA data showed that US crude oil production decreased by 20,000 barrels per day (bpd) to about 13.81 million bpd during the week ending Nov. 21.
US crude oil imports increased by 486,000 bpd to approximately 6.4 million bpd, while exports fell by around 560,000 bpd to around 3.6 million bpd over the same period.
In the Short-Term Energy Outlook (STEO) released on Nov. 12, the EIA predicted that crude oil output in the country would reach an average of 13.59 million bpd in 2025.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr
