United States reduces oil imports by 11%

Baku. 23 February. REPORT.AZ/ In the week of February 10-16, daily oil imports in the US fell by 867,000 barrels, or 11%, to 7,021 million barrels/day. In the annual comparison, imports decreased by 3.64%.

Report informs referring to the weekly report of Energy Information Administration (EIA) of US Department of Energy.

The minimum value of oil imports in the US over the past 20 years was fixed on May 10-16, 2014 and amounted to 6.469 million barrels/day. At present, imports exceed the minimum level by 8.5%.

Over the reporting week, daily oil production volumes stabilized at record levels, and stocks contrary to expectations, declined. Thus, daily oil production fell by 1,000 barrels or 0.01% and reached 10.27 million barrels. Oil reserves in reporting period decreased by 1.616 million barrels or 0.38%, to 420.5 million barrels.  However, analysts predicted an increase in reserves of 2.9 million barrels. The previous week, growth of oil reserves was 1.841 million barrels.

Gasoline reserves in the country increased by 0.261 million barrels or 0.1%, amounting to 249.361 million barrels, while analysts forecast an increase of 1.35 million barrels. The previous week, growth was 3.599 million barrels.

Analytical Group of  Report News Agency believes, this news led to a rise in oil price in world market. Price for Brent exceeded $ 66 per barrel. Analysts predict the preservation of world oil prices at a high level against the backdrop of accelerating global economic growth. In the first quarter of 2018, Brent will fluctuate at range of $55-73/barrel.