US oil output hits new record

US oil output hits new record The oil price is expected to go down soon
December 14, 2017 12:58
US oil output hits new record

Baku. 14 December. REPORT.AZ/ US oil reserves have sharply decreased between 2 and 8 December.

Report informs, Energy Information Administration (EIA) of U.S. Department of Energy said in a weekly report.

The report says that during the analyzed period US oil reserves decreased by 5.1 million barrels or 1.14% to 443 million barrels. Analysts predicted that oil reserves will reduce by 2.9 million barrels. Last week oil reserves decreased by 5.6 million barrels. In addition, sharp increase of petrol reserves seen in USA. Although analysts suggested that petrol reserves will rise by 2.3 million barrels, the reserves rose by 5.7 million barrels or 2.58% and reached 226.6 million barrels. Last week petrol reserves increased by 6.8 million barrels.

In the reporting period, US oil output increased by 73,000 barrels or 0.75% to 9 782 million bbl / day reaching another record level. After the information was released, Brent oil price decreased to  $ 62 / barrel.

Analytical group of Report states that increase of petrol reserves in USA will lead to growth in the oil reserves in coming weeks. Oil processing plants will slow down their operation waiting for the reduction of petrol reserves.

Due to the New Year holiday the demand in fuel is decreasing. It will lead to increase of oil reserves and oil price is more likely to fall to $ 55 / barrel.

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