DEFINITION of 'EIA Petroleum Status Report'
A report published every Wednesday by the Energy Information Administration. This report outlines the level of crude reserves held and produced by the U.S. both domestically and abroad. Each report contains data on oil reserves for the previous week ending on Friday.
BREAKING DOWN 'EIA Petroleum Status Report'
The price of oil is determined by supply and demand, just as with any other commodity. When reserves drop, prices will rise and vice versa. The EIA Petroleum Status Report is therefore an indicator of current oil prices.