Daily oil production in US reaches a 20-month high

Baku. 20 April. REPORT.AZ/ Daily oil production in the US during the week of April 8-14 has reached 9.252 mln barrels which is a maximum level in last 20 months.

Report informs, Energy Information Agency (EIA) of US Department of Energy stated that average daily oil production has increased by 17 thousand barrels or 0.18%.

Notably, historical record level of oil production in the US was recorded at ending week of June 5, 2015. This means, in order to reach a record level increase in production by 358 thousand barrels per day or 3.9% will be enough. Notably, since the beginning of the year daily oil production in US showed a growth of 482 thousand barrels or 5.5%.

During reporting week, US oil stocks decreased by 1,034 mln barrels or 0,19% in weekly comparison and amounted to 532,343 mln. barrels. Notably, the maximum limit of oil reserves was recorded 2 weeks before on March 31 at the level of 535.543 mln. barrels. Currently, oil reserves 3.2 mln barrels or 0.6% lower than the maximum level.

Yesterday’s report by EIA was assessed negatively by oil market participants. Thus, traders forecasted drop in oil reserves by 1.5 mln barrels and according to them daily oil production would not be increased. For that reason, yesterday "Brent" crude oil price decreased by 2.6 USD or 4.7% and amounted to 52.6 USD/ barrel. At the moment this brand of oil sold at 53.2 USD / barrel.