The commercial crude oil stockpiles in the United States increased by around 1.7 million barrels compared to the previous week. The US Energy Information Administration (EIA) reported that commercial crude oil stockpiles in the country rose to 437 million barrels last week, with an increase of about 1.7 million barrels. Market expectations were pointing towards a rise in stockpiles at this level. Additionally, the non-commercial strategic crude oil stockpiles also rose by 300,000 barrels to reach 395.9 million barrels. During this period, US gasoline stockpiles recorded a decrease of 500,000 barrels to 240.6 million barrels.

A DECREASE IN OIL PRODUCTION
The daily crude oil production in the US decreased by 2,000 barrels in the week of March 8-14, dropping to 13.573 million barrels. The country’s crude oil imports also decreased by 85,000 barrels per day compared to the previous week, reaching 5.385 million barrels, while crude oil exports increased by 1.354 million barrels per day to reach 4.644 million barrels. According to the EIA’s “Short-Term Energy Outlook Report for March 2025”, the average daily crude oil production in the US is expected to be around 13.61 million barrels this year.