Commercial oil reserves in the US, except the strategic reserve, fell by 1.1% or 4.5 million barrels for the week to July 22, reaching 422.1 million barrels, Report informs, citing the weekly review of the Energy Information Administration of the US Department of Energy.
Analysts had expected a decline in inventories of only 1 million barrels.
According to the review, oil production increased by 200,000 barrels daily to 12.1 million barrels daily. Over the past four weeks, US oil production amounted to 12.025 million barrels daily.
The department provides the exact production data in a monthly report with a two-month gap. According to the final data, oil production in April amounted to 11.63 million barrels per day, and in May, it was 11.74 million barrels per day, according to the final data. For the whole of last year, the figure was an average of 11.18 million barrels daily.
Earlier, the ministry downgraded the country's oil production outlook by 10,000 barrels daily for 2022, making it 11.91 million barrels daily, and by 200,000 barrels daily for 2023, to 12.77 million barrels daily.