Decline in USA's Crude Oil Stocks

Decline in USA's Crude Oil Stocks Decline in USA's crude oil stocks. The country's crude oil stocks fell by 800 thousand barrels. According to the data released by the US Energy Information Administration (EIA), commercial crude oil stocks in the country decreased by 800 thousand barrels last week. Thus, the total number of barrels decreased to 488.7 million. The market forecast was that crude oil stocks would decrease by 333 thousand barrels. Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased to 638.2 million. In the given period, gasoline stocks of the USA increased by 2.2 million barrels and reached 230.1 million barrels.   Increase in Oil Production USA's crude oil imports decreased by an average of 26 thousand barrels per day compared to the previous week and reached 5.23 million barrels. Oil exports, on the other hand, increased by an average of 83,000 barrels per day to 2.83 million barrels. The daily crude oil production of the USA increased by 81 thousand barrels in the week of 14-20 November and was approximately 11.49 million. According to the EIA's November 2020 Short-Term Energy Outlook Report, the average daily production of US crude oil is estimated to be 11.4 million barrels this year and 11.1 next year.