US oil production and oil reserves continue to soar

Baku. 15 February. REPORT.AZ/ The daily volumes of oil production in the US during February 3-9 week hit a record again. Also, the volume of oil reserves in the country continues to grow.

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

According to report, daily oil production increased by 20,000 barrels or by 0.2% and reached 10.271 mln bbl.

During reporting week, volume of US oil reserves increased by 1.841 mln bbl (0.44%) and reached 422.1 mln bbl. Analysts believe reserves will further increase by 3.1 mln bbl. Notably, oil reserves in the previous week showed increase by 1.895 mln bbl.

The growth was also observed in US gasoline reserves. Although analysts estimated increase of 1.8 mln bbl, reserves increased by 3,599 mln bbl or 1,47% and reached 249,1 mln bbl. During the previous week, gasoline reserves had decreased by 3.414 mln bbl.

Analytical Group of Report News Agency informs, this news led oil prices to fall on the world market. Price of Brent oil at the commodity exchanges dropped to $ 62/bbl. However, as the global economic growth accelerates, oil prices in the world market will remain high. In the first quarter of 2018, price of Brent crude is expected to fluctuate between $ 55-73/bbl.