U.S. crude oil stocks excluding the Strategic Petroleum Reserve (SPR) fell last week to their lowest since April 2022 as exports rose and imports fell, the Energy Information Administration (EIA) said on Wednesday.

US drivers could see lower gas prices this year and next as oil supply outpaces demand. The US will continue to ramp up output from record levels, the EIA said.

U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 2 million barrels to 412.7 million barrels in the week ending Jan. 10, the EIA said, compared with analysts’ expectations in a Reuters poll for a 992,000-barrel draw.