The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories climbed by 13.798 million barrels in the week ended March 5, following a record build of 21.563 million barrels in the previous week. Economists had forecast a gain of 0.816 million barrels.

At the same time, gasoline stocks tumbled 11.869 million barrels, while analysts had expected a decline of 3.467 million barrels. Distillate stocks plunged by 5.504 million barrels, while analysts had forecast a drop of 3.533 million barrels.

Meanwhile, oil production in the U.S. surged by 900,000 barrels a day to 10.900 million barrels a day.

U.S. crude oil imports averaged 5.7 million barrels per day last week, decreased by 0.6 million barrels per day from the previous week.

• Says Russia will increase oil output by 890,000 bpd from May
• Expects oil inventories falling to 5-year average in 2021
• Sees demand at pre-crisis level in 2022
• Sees risk that non-OPEC+ raises output amid higher oil prices