The weekly production rate rose for the first time in 11 weeks. Until then, it has been continuously declining since the beginning of April. At the end of March, production was 13 million barrels per day, and the figure has been kept at approximately that level (12.8-13.1 million) since November.
On average, over the past four weeks, US oil production fell by 10.6% to 10.95 million barrels per day.
In addition, US commercial oil reserves (excluding the strategic reserve) for the week ended June 19 increased by 1.4 million barrels, or 0.3%, to 540.7 million barrels, once again setting a historical record, according to weekly review of the energy information management of the country’s energy ministry.
Analysts polled by Reuters expected only 0.3 million barrels in stocks.
US oil reserves have been increasing for the third consecutive week, setting new historical records. So, on June 5, these reserves amounted to 535.5 million barrels, updating the historical record set earlier in March 2017.
source: reuters.com
