US crude stocks draw again as Norway, Russia output slip

· Oil & Gas · United States · Norway

Weekly US inventory data showed a second straight large draw, while preliminary September figures showed Norwegian gas output falling sharply and Russian seaborne crude exports slipping. The American Petroleum Institute estimated US crude stockpiles fell 4.93 million barrels in the week to October 16, after a drop of 11.12 million barrels the previous week. Crude inventories excluding the Strategic Petroleum Reserve have fallen by more than 56 million barrels. Norway's Norwegian Offshore Directorate said total petroleum production averaged about 3.77 million barrels of oil equivalent per day last month, with natural gas output down 12.6% from August. Russian seaborne crude exports averaged 3.59 million barrels per day in the four weeks to October 18, down 110,000 bpd, after shipments from the Baltic port of Primorsk halted for several days.

Why it matters：Inventory draws and falling output from three major suppliers tighten the global supply picture just as the market braces for winter, giving OPEC+ and traders less cushion against further disruptions.

Key points

  • API's estimated 4.93 million barrel draw followed an 11.12 million barrel drop the prior week.
  • Norway's total petroleum output averaged about 3.77 million boepd in September.
  • Russia's four-week average seaborne exports fell 110,000 bpd after Primorsk halted loadings.

Sources (original reporting)

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