USA's Crude Oil Stocks Decreased

According to the data announced by the Energy Information Administration (EIA), the US crude oil stocks have declined. The country's commercial crude oil stocks were down 4.5 million barrels last week compared to the previous week. The US Energy Information Administration (EIA) reported that commercial crude oil stocks in the country fell by 4.5 million barrels (0.9 percent) last week to 514.1 million barrels. Market estimates were that stocks would decline by 2.9 million barrels. Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased to 653.9 million barrels. In the mentioned period, the gasoline stocks of the USA increased by 700 thousand barrels (0.3 percent) and reached 247.1 million barrels.

Oil Production Declines

The crude oil imports of the USA decreased by an average of 389 thousand barrels per day compared to the previous week and decreased to 5 million 621 thousand barrels, while oil exports increased by an average of 324 thousand barrels per day and reached 3.14 million barrels. The daily crude oil production of the USA decreased by 300 thousand barrels in the week of 1-8 August to approximately 11.1 million barrels. According to the information obtained from the "August 2020 Short Term Energy Outlook Report" of the US Energy Information Administration (EIA), the average daily crude oil production of the USA is expected to be 11.3 million barrels this year.