US commercial crude oil inventories increased by 4.5% during the week ending Jan. 6, according to data released by the Energy Information Administration (EIA) late Thursday.
Inventories rose by around 19 million barrels to 439.6 million barrels, against the market expectation of a decline of around 2.4 million barrels.
However, strategic petroleum reserves, excluded from commercial crude stocks, fell by 800,000 barrels to 371.6 million barrels last week, the data revealed.
Gasoline inventories increased by 4.1 million barrels to 226.8 million barrels over the same period.
- Crude production increases
EIA data showed that US crude oil imports increased by 637,000 barrels per day (bpd) to around 6.35 million bpd during the week ending Jan. 6, while crude oil exports decreased by 2.07 million bpd to about 2.14 million bpd.
US crude oil production, meanwhile, rose by 95,000 bpd to approximately 12.65 million bpd over the same period.
In the January Short-Term Energy Outlook (STEO), the EIA forecasted that crude oil output in the US would average 12.41 million bpd in 2023, up from 11.86 million bpd in 2022.
Crude oil output in the country in 2024 is forecast to reach 12.81 million bpd.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr