US oil reserves and production decline by 300,000 bbl

Baku. 11 January. REPORT.AZ/ During the period from December 29 to January 5 oil reserves declined again in the United States.

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

The report says that oil reserves in the US during the analyzed period declined by 4.95 mln bbl or 1,17% and made 419.5 mln bbl. Notably, analysts expected decline in amount of 3.75 mln bbl. Notably, oil reserves showed decrease of $ 7.4 mln bbl.

In addition, US gasoline reserves have increased. Although analysts estimated gasoline reserves to rise 3.55 mln bbl, reserves increased by 4.13 mln bbl or 1.77% and amounted to 237.3 mln bbl. In the previous week, gasoline reserves soared by 0.6 mln bbl.

Notably, oil reserves in the US over the past year have decreased by 63.6 mln bbl or 13.2%. The maximum limit of reserves was 533.977 mln bbl as of March 24, 2017. At present, US oil reserves is by 114,462 mln bbl or 21.4% below maximum level.

Oil production in the US during the reporting week fell by 290,000 barrels or 2.96% and made $ 9,492 mln bbl/day.

Analytical Group of Report News Agency informs, oil prices will remain at a high level. In the first quarter of 2018, Brent oil is expected to reach $ 55-73/bbl.