US Crude Oil Stocks Decreased on December 17

US Crude Oil Stocks Decreased on December 17 The US crude oil stocks decreased on December 17. The country's crude oil stocks fell by 3.1 million barrels. The US Energy Information Administration (EIA) reported that the country's commercial crude oil stocks fell 3.1 million barrels (0.6 percent) last week compared to the previous week. Accordingly, the number of barrels fell to 500.1 million barrels. The market's expectation for a decrease was around 3.5 million barrels. Strategic crude oil stocks, which were not included in commercial crude stocks, remained unchanged and was at 638.1 million barrels. In the given period, gasoline stocks of the USA increased by 1 million barrels (0.4 percent) and reached 238.9 million barrels.   Country's Oil Production Decreased Crude oil imports of the USA decreased by an average of 1 million 55 thousand barrels per day compared to the previous week and reached 5.4 million barrels, while oil exports increased by an average of 793 thousand barrels per day to 2.6 million barrels. The daily crude oil production of the country decreased by 110 thousand barrels in the week of  November 5 – December 11 and was recorded as approximately 11.5 million barrels. According to the EIA's Short-Term Energy Outlook for December 2020, the average daily production of US crude oil is estimated to be 11.3 million barrels this year and 11.1 next year.