Hot topics | Coronavirus pandemic

US Oil Production Fell To 10.7 Million Barrels Per Day Over The Week

US Oil Production Fell To 10.7 Million Barrels Per Day Over The Week

Oil production in the United States for the week ended September 18 fell by 0.2 million barrels per day to 10.7 million barrels per day, according to the weekly review of the US Energy Information Administration (EIA).

US oil production averaged 10.325 million barrels per day over the past four weeks.

In January, oil production in the country averaged 12.755 million barrels per day, in February — 12.746 million, in March — 12.737 million barrels, in April — 12.01 million, in may — 10.016 million, in June — 10.436 million barrels per day. In 2019, this production averaged 12.248 million barrels per day.

The management reports accurate data on production in a monthly report with a difference of two months. So, according to preliminary data, oil production in the country in July amounted to 10.74 million barrels per day, in August — 10.8 million. The updated indicator for July will be available at the end of September, and for August — at the end of October.

On September 9, the US Department of energy increased the forecast of average oil production in the country for the current year by 120 thousand barrels per day, to 11.38 million, and reduced it by 60 thousand barrels for 2021, to 11.08 million barrels per day.

Commercial oil reserves in the United States (excluding strategic reserves) for the week ended September 18, decreased by 1.6 million barrels, or 0.3%, and reached 494.4 million barrels, according to the weekly review of the energy information administration of the Ministry of Energy of the country.

Analysts polled by Reuters had expected a 2.3 million drop in those stocks, to 493.7 million barrels.

Oil reserves at the country's largest terminal in Cushing were unchanged for the week, remaining at 54.3 million.

Also, gasoline inventories in the United States decreased by 4 million barrels, or 1.7%, to 227.5 million barrels. Analysts had expected a decrease of 0.65 million barrels. Distillate inventories for the same week decreased by 3.4 million barrels, or 1.9%, to 175.9 million barrels. They were forecast to grow by 1.02 million barrels.

The country's strategic oil reserve decreased by 0.8 million barrels, or 0.1%, to 645 million barrels compared to the previous week, the Ministry also said.

You may also like: