US Crude Output Tops 13.8 Million BPD as Inventories Sink 8 Million Barrels
Updated
Updated · Hays Post · Jun 23
US Crude Output Tops 13.8 Million BPD as Inventories Sink 8 Million Barrels
1 articles · Updated · Hays Post · Jun 23
Summary
US crude production rose above 13.8 million barrels a day for the first time since Jan. 5, reaching a five-month high and the 10th-highest weekly average on record.
Commercial crude inventories fell by more than 8 million barrels to just over 418 million, the lowest weekly level since last autumn and about 6% below the five-year average.
US strategic crude stocks also dropped 9 million barrels to 340 million, leaving the SPR down 62 million barrels, or 15%, from a year earlier.
Trade flows weakened at the same time: crude imports slid nearly 13% to just over 5 million barrels a day, while exports fell by 500,000 barrels a day to a little above 4.3 million.
The IEA warned a full reopening of the Strait of Hormuz could create a supply glut, arguing that lower prices would be an opportunity to rebuild strategic reserves.