Oil reserves sharply fall in United States

Oil reserves sharply fall in United States But US gasoline reserves increased
Energy
December 21, 2017 14:05
Oil reserves sharply fall in United States

Baku. 21 December. REPORT. AZ/ US oil reserves fell sharply during December 9-15 week.

Report informs, Energy Information Administration (EIA) of the US Department of Energy said.

According to information, oil reserves in the US during the reporting period fell by 6.5 million barrels or 1,46% and amounted to 436.5 million barrels. Notably, analysts predict further decline by 3.1 million barrels were expected to decrease. Oil reserves showed decline by 5.1 million. barrels last week.

At the same time, US gasoline reserves increased. Although analysts predicted increase in gasoline reserves in amount of 2.3 million barrels, it up by 1.2 million barrels or by 0.5% up to 227.7 million barrels.

Oil production in the US during the reporting week increased by 9,000 barrels or 0.09% and amounted to 9.789 million barrels/day which is the next record level. After the disclosures the price of Brent crude oil has risen to $ 64/barrel.

Analytical Group of Report News Agency informs, sharp rise in petrol reserves in the United States will lead to an increase in oil reserves in the coming weeks. Thus, oil refineries will slow down their activity and wait for the decline in petrol reserves.

Notably, due to the New Year holiday, demand for fuel is diminished by seasonal reasons. This, in turn, will lead to an increase in oil reserves and lead oil price to fall to $ 55/barrel.

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