If the increase is a one-off, it won’t affect a market that is quickly rebalancing.
India’s plan is similar to Australia’s.
Excess crude inventories are easing, with refined fuel stocks taking longer as consumption lags.
In late April, the Energy Department said nine companies including Chevron and Exxon Mobil had agreed to rent space to store 23 million barrels of crude.
Stocks in Cushing fell by 3 million barrels in the last week, the EIA said. The hub, coming into this week's data, is more than 80% full, as producers find themselves with fewer places to store oil.
William Thomas, CEO at EOG Resources Inc., said May 8 on an investor call that the "historic and prolific oil production growth by U.S. shale may have been forever altered."
Select Energy Services helps ease pressure on market storage limitations for oil producers with modified above-ground storage tanks historically used for water storage.
Mainline pipeline moves about 3 MMbbl/d of western Canadian oil.
President Donald Trump on April 29 said his administration will soon release a plan to help U.S. oil companies, which Treasury Secretary Steven Mnuchin said could include adding millions of barrels of oil to already-teeming national reserves.