US oil production updates record

Baku. 16 November. REPORT.AZ/ US oil production increased by 25,000 barrels or 0,26% and reached 9,645 mln barrels during a week from 4 to 10 September.

Report informs, Energy Information Administration (EIA) of the US Department of Energy said in a weekly report.

The report also notes that during this period, oil reserves in the United States increased by 1.854 million. barrels or 0.4% and reached 459 million. barrels. Notably, analysts say that reserves are going to decrease by 2.4 million barrels.

In addition, increase was observed in US gasoline reserves despite forecast on downturn. Thus, although analysts forecasting decrease in gasoline reserves by 1.5 million tons reserves have increased by 0.9 mln. barrels.

After the disclosures the price of Brent crude oil approached $ 61/bbl and now it reached $ 62/bbl.

The reason for the rise in prices is the next summit of OPEC+ countries expected to be held in Vienna on November 30. The summit is expected to extend agreement that ends on March 31, 2018 till the year end.