US oil production reaches record levels

Baku. 20 July. REPORT.AZ/ Daily oil production history in the United States is nearing a record high.

Report informs, according to the weekly report by Energy Information Agency (EIA) of US Department of Energy, during the week of July 8-14, oil production in the United States increased by 32,000 bpd or by 0.34% and reached 9.429 mln bpd.During the reporting period, US commercial oil reserves decreased by 4.7 mln barrels or 0.94% and totaled 490,623 mln barrels.

Also, a significant decline in petrol reserves was recorded.Thus, during the reporting period US gasoline reserves decreased by 4.4 mln barrels or by 1.9% and made 231.2 mln barrels.

Report’s research shows that, record-breaking oil production in US was recorded in the first week of June 2015 with volume of 9.610 mln bpd. At present, oil production in US is 181,000 bpd or 1,88% lower than the historical record.

Notably, after fall in oil prices on July, minimum level of daily oil production in the US was recorded in the first week of July 2016 and made $ 8.428 mln bpd. At present, oil production in the US 1,001 mln bpd or 11.88% higher than that level.

The US commercial oil reserves reached 535,543 mln barrels at the end of March this year. Since the beginning of the fall in oil prices to this day, the minimum level of reserves in the last week of September amounted to 325,465 mln barrels. At present, US commercial oil reserves are $ 44.920 mln barrel or 8.38% lower than the record level and by 165,158 barrels or 50.7% higher than minimum level.