US oil production hits a new record

Baku. 30 November. REPORT.AZ/ US oil production in November 18-24 week has increased by 24,000 barrels or 0.25% and reached 9,682 mln bpd.

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

According to report, during the analysis period, oil reserves in US decreased by 3.4 million barrels or 0.7% to 453.7 million barrels. Analysts predicted the fall of reserves by 2.3 million barrels.

Moreover, US gasoline reserves saw an increase. Though analysts forecasted that gasoline reserves will soar by 1.2 million barrels, they increased by 3.6 million barrels.

After the news, Brent oil price fell to $ 62/barrel. Price reduction was caused by the summit of OPEC+ countries expected to take place in Vienna today. There were rumors that in the summit Russia does not support the decision to extend OPEC+ deal by late 2018 as it expires on March 31, 2018. According to some reports, further cutting of oil production may be discussed in the summit.