The U.S. Energy Information Administration (EIA) announced that commercial crude oil inventories rose more than expected last week. With an increase of 5 million 900 thousand barrels last week, commercial crude oil stocks rose to 458 million 100 thousand barrels. The market expectation was that inventories would increase by only 3 million barrels.
However, stocks not included in strategic crude oil stocks decreased by 400 thousand barrels to 346 million 800 thousand barrels.
Similarly, gasoline stocks remained unchanged at 219 million 500 thousand barrels.
The daily crude oil production of the USA was recorded as 12 million 717 thousand barrels with a decrease of 113 thousand barrels in the week of July 1-7.
According to the “July 2023 Short Term Energy Outlook Report” of the EIA, the average daily crude oil production of the USA is expected to be 12 million 560 thousand barrels this year and 12 million 850 thousand barrels next year.
Oil prices continue to rise
The increase in US oil stocks and the news that Saudi Arabia will cut oil supply continue to support oil prices. Brent Petrol, which declined to the lowest $70 during the year, is 10 dollars higher than the bottom level, 80 dollars, while it is 11 percent below the peak price of 90 dollars for 2023.
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