Rising crude oil prices that came about following the production cut decision by OPEC+ has resulted in more crude oil being transported out of the Cushing hub in Oklahoma.
The U.S. Energy Information Administration reported Wednesday that Cushing’s total amount in storage had slipped 1 million barrels in the week’s period from March 24 to March 31 of this year. As of the end of March, there were 34.2 million barrels in storage at Cushing.
The total crude held at the northern Oklahoma hub has declined on a weekly basis since the last reporting period in February when there were 40.7 million barrels in storage.
The decline is also reflected across the U.S. where the total was 473.7 million barrels on March 24 but it had fallen to 470 million as of the end of March.