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US crude oil stocks down

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The US Power Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by 3 million 400 thousand barrels (0.8%) last week to 420 million 800 thousand barrels. The market expectation was that the stocks would increase by approximately 1 million 500 thousand barrels.

Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased by 5 million barrels (0.9%) to 538 million barrels.

In the said period, the fuel stocks of the USA decreased by 4 million 800 thousand barrels (2.1 percent) to 220 million 200 thousand barrels.

OIL PRODUCTION INCREASED

The crude oil imports of the USA increased by an average of 299 thousand barrels per day compared to the previous week and reached 6 million 568 thousand barrels, while its exports increased by an average of 641 thousand barrels per day and reached 3 million 520 thousand barrels .

The country’s daily crude oil production increased by 100 thousand barrels in the week of April 30 to May 6, reaching 12 million 347 thousand barrels.

According to the EIA’s May 2022 Short Cycle Power Outlook Report, the average daily crude oil production of the USA is expected to be 11 million 910 thousand barrels in 2022 and 12 million 850 thousand barrels next year.

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