A record-breaking drop in US commercial oil reserves; A drop of 8.6 million barrels in one week

The decrease of 8.6 million barrels of US crude oil reserves in one week is a sign of intensifying pressure on the commercial inventories of the world's largest oil consumer.

Ambassador Arjan-Economic Group; According to the latest data from the US Energy Information Administration (EIA), the country's commercial crude oil reserves fell by 8.56 million barrels to 415.58 million barrels in the week ending October 9. This amount of weekly decrease has not been recorded in the last eight months and indicates a significant change in the state of US oil stocks. In the same period, US strategic crude oil reserves remained unchanged at the level of 282.9 million barrels.

Therefore, the recorded decrease is mainly related to commercial reserves and the balance of strategic reserves has not changed. The statistics also show that diesel and other distillate fuel reserves decreased by 2.53 million barrels to 102.61 million barrels. The sharp drop in crude oil commercial reserves can support oil prices if it continues; However, the accurate assessment of its effect on the market requires a simultaneous examination of the amount of domestic production, import and export of oil, the utilization rate of refineries and the trend of fuel demand in the United States. The increase in gasoline reserves also shows that the changes in the inventory of petroleum products are not uniform and it is not possible to make a definite conclusion about the overall demand situation based only on the decrease in crude oil reserves.

Oil prices fell slightly in global trading on Friday, but are on track for a weekly gain due to uncertainty over supplies from the Middle East and a larger-than-expected decline in crude inventories in the United States.

The US Secretary of Energy announced: Following the increase in oil prices and concerns about limited supply, Washington may once again use its strategic reserves of crude oil to supply the market.

In order to revive the oil industry and increase production, Venezuela has increased the purchase of second-hand and auctioned oil equipment from the United States; Well repair rigs, pumps and specialized equipment are sent to Venezuelan ports from different US states.