Washington: US commercial oil reserves have experienced a notable decrease, falling to 428,448 thousand barrels as of last week. This decline marks a reduction of 1,844 thousand barrels, highlighting a significant shift in the nation’s oil stockpile.
According to Azeri-Press News Agency, the Energy Information Administration (EIA) under the US Department of Energy released a report detailing this decrease. Prior to the report, analysts had anticipated a smaller reduction of 1,300 thousand barrels in US commercial oil reserves. The actual figures surpassed these predictions, indicating a more substantial contraction than expected.
The data on US oil reserves is of considerable importance as it has a direct impact on the global pricing of crude oil, commonly referred to as “black gold.” Changes in the stockpile levels can influence oil prices worldwide, affecting both domestic and international markets.