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Oil production declines in the US again

Oil production declines in the US again

After an increase at the end of June by 500 thousand barrels, the daily production of American companies remained at the level of 11 million barrels for almost two months.

In the United States, daily oil production fell by 300 thousand barrels — to 10.7 million barrels per day — in the week from 1 to 7 August. This is evidenced by the data of the Energy Information Department of the Ministry of Energy of the country on Wednesday, August 12.

Oil production in the United States, after increasing at the end of June by 500 thousand barrels per day, remained at the level of 11 million barrels per day for almost two months.

In general, since mid-March, the production of American companies fell by 2.4 million barrels per day (-20%).

Earlier, the department lowered the forecast for oil production in the country for the current and next year. Thus, in 2020, a decrease in crude oil production is expected to 11.26 million barrels (-3.2%), and in 2021 — an increase to 11.14 million barrels (+ 1.2%).

At the same time, commercial oil reserves in the United States from August 1 to 7 decreased by 4.512 million barrels and amount to 514.084 million barrels, while experts expected a halving decrease — by 2.2 million barrels.

At the auction on Wednesday, the price of the October futures for Brent crude oil rose 1.71% to $45.26 per barrel. WTI crude rose 2.02% to $42.45 per barrel.

As reported, the United States will open more than half of the National Oil Reserve in Alaska for oil production.

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