US crude oil inventories down 0.8%

By Ebru Sengul Cevrioglu

IZMIR (AA) – US commercial crude oil inventories decreased by 0.8% during the week ending Dec. 24, according to latest data from the Energy Information Administration (EIA).

Inventories fell by 3.6 million barrels to 420 million barrels, exceeding the market expectation of a 3.2-million-barrel drop.

Strategic petroleum reserves, which are not included in commercial crude stocks, declined by 1.4 million barrels to 595 million barrels last week, the data showed.

Gasoline inventories also dropped by 1.5 million barrels to 222.7 million barrels over that period.

- Crude production increases

US crude oil imports increased by 565,000 barrels per day (bpd) to around 6.76 million bpd during the week ending Dec. 24, while crude oil exports increased by around 50,000 bpd to around 2.93 million bpd, according to EIA figures.

US crude oil production, meanwhile, rose by 195,000 bpd to approximately 12.25 million bpd during the same period.

The EIA estimates that US crude output will reach 11.85 million bpd for 2022, up from 11.18 million bpd in 2021.