Crude Oil Inventories Remain High, But Why?

Crude oil stocks have been stubbornly high in the United States, despite an OPEC cut that was put into place in January to balance global inventories.  There has been commentary by market pundits that the reason for high levels of inventory is increased U.S. production which has offset imports. While this argument seems to make sense, the reporting of production by the Energy Information Administration, shows that this…