U.S. oil production up 100,000 bpd in a week

MOSCOW, August 31 – PRIME. US oil production for the week ended August 26 increased by 100,000 barrels per day to 12.1 million barrels per day, according to a weekly review by the Energy Information Administration of the country’s Energy Department.

U.S. oil production also averaged 12.1 million barrels per day over the past four weeks.

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 11.81 million barrels per day, and in July, according to preliminary data, 11.87 million barrels per day. For the whole of last year – an average of 11.254 million barrels per day.

On August 9, the US Department of Energy lowered the forecast for oil production in the country for 2022 by 50,000 barrels per day, to 11.86 million barrels per day, and for 2023, by 70,000 barrels per day, to 12.7 million barrels per day.

U.S. commercial oil inventories (excluding the strategic reserve) fell 3.3 million barrels, or 0.8%, to 418.3 million barrels in the week ended Aug. 26, the Energy Information Administration’s weekly review said.

Analysts polled by the DailyFX portal expected a reduction in stocks of only 1.483 million barrels.

Oil reserves at the country’s largest terminal in Cushing during the reporting period decreased to 25.3 million from 25.8 million barrels.

Inventories of gasoline in the US decreased by 1.172 million barrels from last week’s level of 215.6 million and amounted to 214.5 million barrels. Analysts, in turn, expected a decline of 1.178 million barrels. Distillate stocks increased by 0.1 million barrels and amounted to 111.7 million barrels. A decline of 0.96 million barrels was forecast.

The strategic oil reserve in the United States for the week to August 26 fell by 3.1 million barrels to 450 million barrels, which is the lowest level since December 1984, follows from the weekly review of the Energy Information Administration of the country’s Department of Energy.

The indicator reached its lowest level since the week of December 28, 1984, when the strategic reserve of raw materials in the United States amounted to 449.2 million barrels.