The United States' commercial crude oil stock fell by 18.2 million barrels in July, the International Energy Agency (IEA) said on Thursday
MOSCOW (Pakistan Point News / Sputnik - 13th August, 2020) The United States' commercial crude oil stock fell by 18.2 million barrels in July, the International Energy Agency (IEA) said on Thursday.
"In the US, preliminary data for July show that commercial crude stocks fell by 18.2 mb.," the IEA said in its monthly oil market report.
The IEA noted that the US saw the steepest oil output decline, with total oil production plunging to its lowest in over two years in May.
"For now we expect US crude oil output to oscillate around 11 mb/d for the remainder of the year and into 2021, resulting in average declines of 0.9 mb/d in 2020 and a further 0.5 mb/d in 2021," the report read on.
