Politics

US oil stocks unexpectedly drop over week

Commercial oil reserves in the US (excluding the strategic reserve) for the week ended January 29 fell by 1 million barrels, or 0.2 percent, and reached 475.7 million barrels, Report informs, referring to the weekly review of the energy information department of the country’s Energy Department.

Analysts polled by the DailyFx portal, on the contrary, expected the indicator to rise by 0.37 million barrels.

Oil production in the country for the week remained at the level of 10.9 million barrels per day.

On average, over the past four weeks, oil production in the US amounted to 10.95 million barrels per day.

In January 2020, oil production in the country averaged 12.755 million barrels per day, in February – 12.746 million, in March – 12.737 million, in April – 12.01 million, in May – 10.019 million, in June – 10.442 million, in July – 10.973 million, in August – 10.584 million, in September – 10.861 million barrels per day, in October – 10.419 million. In 2019, the figure averaged 12.248 million barrels per day.

The department provides exact production data in a monthly report with a difference of two months. According to preliminary data, oil production in November amounted to 11.01 million barrels per day, in December – 10.99 million.

On January 12, the US Department of Energy kept its forecast for the average oil production in the country in 2021 at the level of 11.1 million barrels per day and predicted output at 11.49 million barrels per day in 2022. Oil production in the country in 2020 averaged 11.29 million barrels per day.

Report

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