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US Oil Production Rises 19 Times in 20 Weeks

The U.S.' crude oil production increased for the 19th time in the last 20 weeks, according to the country's Energy Information Administration (EIA) data released on Thursday.

Crude oil output rose by 44,000 barrels per day (bpd) to reach a new record high level of 10.77 million bpd for the week ending May 25, the data showed.

Production of crude oil rose by 24,000 bpd from the previous week in the state of Alaska, and 20,000 bpd from other states during the same period, the data showed.

The U.S.' crude oil production is expected to average 10.7 million bpd this year, and 11.9 million bpd next year, according to the EIA's Short-Term Energy Outlook for May.

Meanwhile, commercial crude oil inventories decreased by 3.6 million barrels, or 0.8 percent, to 434.5 million barrels for the week ending May 25, the EIA data showed.

The market expectation was a decline of 0.4 million barrels for commercial crude oil inventories. In the previous week, commercial crude stocks rose by 5.8 million barrels.

Strategic petroleum reserves, which are not included in commercial crude oil stocks, fell by 0.6 million barrels, or 0.1 percent, to 660.8 million barrels during that period.

Gasoline inventories, on the other hand, increased by 0.5 million barrels, or 0.2 percent, to 234.4 million barrels. Gasoline stocks rose by 1.9 million barrels during the previous week.

(Anadolu Agency,01/06/2018)

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