US oil production starts to raise again

Baku. 5 January. REPORT.AZ/ US oil reserves declined again during December 23-29 week.

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

During the analyzed period, oil reserves in the United States decreased by 7,4 mln. barrels or 1,71% and made 424,5 mln. barrels. Notably, analysts estimated decrease in amount of 4.7 mln barrels. Notably, oil reserves showed decrease in amount of 4.6 million barrels.

In addition, US gasoline reserves have been rising. Although analysts predicted growth in amount of 2 mln barrels, reserves increased by 4.8 mln. barrels or 2.1% and reached 233.1 mln. barrels. In the previous week, gasoline reserves up by 0.6 mln barrels.

Oil production in the United States during the reporting week increased by 28,000 barrels or 0.29% and made 9.782 mln barrels/day and got close to a historic record level. Notably, last week, oil production in the United States showed 35,000 barrels decrease for the first time in last two months. After disclosures the price of Brent crude oil has increased to $ 68/bbl.

Analytical Group of Report News Agency believes, oil prices will remain at a high level. In first quarter of 2018, Brent oil is expected to fluctuate between $ 55-70/bbl.