US oil production records the highest level…


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Agencies – The US Energy Information Administration said on Wednesday that US crude oil production rose last week to 11.7 million barrels per day, the highest level since May 2020 during the outbreak of the Covid-19 pandemic.

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The government agency added that crude stocks in the US Strategic Petroleum Reserve fell last week by 1.5 million barrels to the lowest level since May 2003.

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US oil stocks fell last week, and fuel stocks rose

In a related context, oil stocks fell in the United States last week, while stocks of gasoline and distillates rose, according to data issued by the US Energy Information Administration.

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The government agency added in its weekly report on petroleum stocks that crude stocks fell by 240,000 barrels during the week ending December 3 to 432.9 million barrels, while analysts polled had expected a drop of 1.7 million barrels.

She said crude stockpiles at the delivery center in Cushing, Oklahoma, increased by 2.4 million barrels last week.

Gasoline stocks rose 3.9 million barrels over the course of the week to 219.3 million barrels, versus expectations for an increase of 1.8 million barrels.

And distillate stocks, which include diesel and heating oil, rose 2.7 million barrels to 126.6 million barrels, against expectations for a rise of 1.6 million barrels.

Data from the Energy Information Administration showed that US imports of crude oil rose last week by 329,000 barrels per day to 4.23 million barrels per day.

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