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.

How have US crude inventories changed since the OPEC decision to cut supply?

What factors are contributing to the pressure on US crude inventories?