ANALYSIS
Commercial crude oil inventories surge due to spike in imports from Venezuela, Canada, and Saudi Arabia
Last week, the United States recorded an increase in crude oil imports not seen since late 2024, causing commercial reserves to surge by 17.4 million barrels—the largest jump in more than three years.
Oil refinery in Los Angeles
Crude oil imports into the United States reached their highest level since November 2024 last week, leading to a significant increase in commercial reserves, according to data from the Energy Information Administration (EIA) released on Wednesday.
Imports at record highs
During the week ending August 7, the United States imported more than 7.3 million barrels of crude oil per day. Shipments from Venezuela reached their highest volume since 2017, amid a production rebound driven by U.S. companies following the capture of former dictator Nicolás Maduro in January.
Meanwhile, purchases from Canada rose to their highest level since March 2025, and shipments resumed from the Middle East, with about 100,000 barrels per day coming from Saudi Arabia, after five weeks without receiving oil from the region.
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Historic jump in inventories
The increase in imports, combined with a 17% drop in exports, raised commercial reserves by 17.4 million barrels. An increase of this magnitude had not been recorded in more than three years.
According to the consensus of analysts compiled by Bloomberg and cited by AFP, the market had, on the contrary, expected a decline of 1.8 million barrels.
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Strategic reserve at record low
Refineries operated at 96.2% of capacity, slightly below the 96.5% from the previous week, while domestic production remained at around 13.80 million barrels per day. As has been the case since the start of the conflict in the Middle East in late February, these figures did not alter the market trend, which remains focused on geopolitical developments.
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