USA's Crude Oil Stocks Increased by 2 Million Barrels

USA's Crude Oil Stocks Increased by 2 Million Barrels USA's crude oil stocks increased by 2 million barrels. The country's commercial crude oil stocks increased by 2 million barrels last week compared to the previous week. According to data released by the US Energy Information Administration (EIA), commercial crude oil stocks in the US increased by 2 million barrels (0.4 percent) last week to 500.4 million barrels. The market expectation for stocks was that crude oil stocks would fall by 1.4 million barrels. Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased to 647.9 million barrels. In the given period, gasoline inventories of the USA decreased by 3 million barrels (1.3 percent) to 231.9 million barrels.   Oil Production on the Rise While the crude oil imports of the United States reached 5.4 million barrels with an increase of 523 thousand barrels per day compared to the previous week, oil exports decreased by an average of 58 thousand barrels per day to 2.9 million barrels. The daily crude oil production of the USA increased by 295 thousand barrels in the week of 29 August-4 September and reached approximately 10.46 million barrels. According to the "September 2020 Short Term Energy Outlook Report" prepared by the EIA, the expectation is that the country's average daily crude oil production will be 11.4 million barrels this year.