Oil production in the US for the week to September 2 remained at the same level

MOSCOW, 8 Sep — PRIME. U.S. oil production for the week ended Sept. 2 was unchanged from the previous week at 12.1 million barrels per day, according to a weekly review by the country’s Energy Information Administration.

On average, over the past four weeks, US oil production amounted to 12.075 million barrels per day.

The department reports exact data on production in a monthly report with a difference of two months. According to the final data, oil production in June amounted to 11.82 million barrels per day, and in July – 11.71 million barrels. For the whole of last year – an average of 11.254 million barrels per day.

On September 7, the US Department of Energy lowered the forecast for average oil production in the country for the current year by 70,000 barrels per day, to 11.79 million, and for the next year, also by 70,000 barrels, to 12.63 million barrels per day.

U.S. commercial oil inventories (excluding the strategic reserve) rose 8.8 million barrels, or 2.1%, to 427.2 million barrels in the week ended Sept. 2, the Energy Information Administration’s weekly review said.

Analysts polled by the DailyFX portal, on the contrary, expected a reduction in stocks by 0.25 million barrels.

The increase in inventories over the past week was the highest since the week to April 8 this year, when the increase amounted to 9.4 million barrels.

In addition, the country’s strategic oil reserve fell by 7.5 million barrels, or 1.7%, to 442.5 million barrels, the ministry adds. The index is at its lowest level since November 1984.

Oil reserves at the country’s largest terminal in Cushing during the reporting period decreased to 24.8 million from 25.3 million barrels.

Inventories of gasoline in the US rose slightly from last week’s level of 214.5 million and amounted to 214.8 million barrels. Analysts, in turn, expected a decline of 1.667 million barrels. Distillate stocks increased by 0.1 million barrels (by 0.1%) and amounted to 111.8 million barrels. An increase of 0.53 million barrels was forecast.