US commercial crude oil inventories decreased by 1.2% during the week ending Nov. 11, according to data released by the Energy Information Administration (EIA) on late Wednesday.
Inventories declined by around 5.4 million barrels to 435.4 million barrels, against the market expectation of an increase of around 400 barrels.
Strategic petroleum reserves, excluded from commercial crude stocks, fell by 4.1 million barrels to 392.1 million barrels last week, the data revealed.
Gasoline inventories increased by 2.2 million barrels to 207.9 million barrels over the same period.
- Crude production increases
EIA data showed that US crude oil imports fell by 895,000 barrels per day (bpd) to around 5.55 million bpd during the week ending Nov. 11, while crude oil exports rose by around 341,000 bpd to 3.86 million bpd.
US crude oil production, meanwhile, increased by 2,000 bpd to approximately 12.54 million bpd over the same period.
In the November Short-Term Energy Outlook (STEO), the EIA forecasted that crude oil output in the US would average 11.83 million bpd in 2022, up from 11.25 million bpd in 2021.
Crude oil output in the country in 2023 is forecast to reach 12.31 million bpd.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr