US oil production now equals to Saudi Arabia

Baku. 1 February. REPORT.AZ/ During January 20-26 week, the volume of oil production in the United States has reached a record high and equaling to volume in Saudi Arabia. In addition, oil reserves in the country have started to increase again after 10-week decline.

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

According to report, daily oil production increased by 41,000 barrels or by 0.4% and reached 9.919 million barrels. According to OPEC report, daily oil production in Saudi Arabia amounted to 9.92 mln. barrels per day in December.

During the reporting week, US oil reserves totaled 6.776 mln. barrels or increased by 1.65% and reached 418.4 mln. barrels. However, analysts predict that the reserves are estimated to decline by 0.9 mln. barrels. Notably, oil reserves in the past week declined by 1,071 mln. barrels last week.

Gasoline reserves in the country fell by 1.98 mln. barrels (0.8%) and made 242.1 mln. barrels, while analysts predicted an increase of 2 mln barrels. In the previous week, the growth was 3.098 mln barrels.

Analytical Group of Report News Agency predicts the preservation of world oil prices at a high level. In first quarter of 2018, Brent crude price will fluctuate between 55-73 USD/barrel.