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US Oil Output at Record Level

Crude oil inventories increased in the U.S. last week, according to data released by the Energy Information Administration (EIA) on Wednesday. Commercial crude oil stocks rose 6.8 million barrels, or 1.4 percent, to 483.3 million barrels for the week ending May 31, the EIA data showed. Stocks fell 300,000 barrels during the previous week.

Strategic petroleum reserves, which are not included in the commercial crude stocks, remained unchanged at 644.8 million barrels last week, according to the data. Gasoline inventories increased by 3.2 million barrels, or 1.4 percent, to 234.1 million barrels during that period. During the previous week, gasoline inventories saw an increase of 2.2 million barrels.

The U.S.' crude oil production increased 100,000 barrels per day (bpd) to around 12.4 million bpd (mbpd) for the week ending May 31, the EIA data showed. Production is expected to average 12.45 mbpd in 2019 and 13.4 mbpd in 2020, according to the EIA's Short Term Energy Outlook report for May.

(Anadolu Agency)

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