US commercial crude oil inventories fell by 1.8% in the week ending May 29, according to data released by the Energy Information Administration (EIA) on Wednesday.
Inventories declined by 8 million barrels to around 433.7 million barrels, while market expectations had pointed to a decrease of 2.9 million barrels.
Strategic petroleum reserves, which are excluded from commercial crude stocks, also fell by 8 million barrels to 357.1 million barrels, the data revealed.
Over the same period, gasoline inventories rose by 3.4 million barrels to about 215 million barrels.
- Crude production decreases
EIA data showed that US crude oil production fell by 8,000 barrels per day (bpd) to about 13.7 million bpd during the week ending May 29.
US crude oil imports rose by 1.2 million bpd to around 6.4 million bpd, and exports increased by 1.4 million bpd to about 5.9 million bpd over the same period.
In its Short-Term Energy Outlook (STEO) released on May 12, the EIA forecasted that US crude oil output would average 13.65 million bpd in 2026.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr
