U.S. Oil Stockpiles Increase to 520.2 Million Barrels

The video discusses the record-high US crude oil stockpile numbers reported by the EIA, reaching 520 million barrels, a record since 1982. It highlights a muted weekly rise in stockpiles and anticipates a return to normal levels as refineries resume operations post-maintenance. The video also compares US crude inventories with OPEC production, noting the impact of OPEC's supply cuts. Finally, it forecasts that US crude inventories will not test the 520 million barrels mark again, while production is expected to return to 9 million barrels per day, creating pressure on both supply and demand sides.

What was the record-high US crude oil stockpile number reported by the EIA?

• 620 million barrels

• 720 million barrels

• 520 million barrels

• 420 million barrels

According to the report, how did the recent weekly rise in stockpile numbers compare to earlier in the year?

• It was significantly higher

• It was the same

• It was muted

• It was significantly lower

What is expected to happen as refineries start up again after maintenance?

• Crude oil levels will increase

• Crude oil levels will normalize

• Crude oil levels will remain the same

• Crude oil levels will decrease

What was the impact of OPEC's decision on US crude inventories?

• It caused inventories to decrease

• It had no impact

• It caused inventories to jump

• It caused inventories to stabilize

What is the expected future production level of US crude oil?

• 7 million barrels a day

• 10 million barrels a day

• 8 million barrels a day

• 9 million barrels a day