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Weekly figures from EIA show that domestic crude output has dropped to 10.7 million barrels per day, since reaching 13.1 million in the second week of March.
U.S. crude oil inventories jumped last week even as refining utilization remained high, the EIA said on Wednesday in a majorly bearish report.
The federal government's EIA report revealed that crude inventories rose by 3.1 million barrels, compared to the 1.3 million barrels increase that energy analysts had expected.
The federal government's EIA report revealed that crude inventories fell by 497,000 barrels for the week ending Dec 14.
Commercial crude oil stock pile. The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest publicly known emergency supply in the world; its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m 3). [1]
In March 2019, crude oil prices regained momentum after reports showed an unexpected drop in US fuel supplies. The American Petroleum Institute reported domestic crude inventories declined 2.58 million barrels the previous week. The US Energy Information Administration was due to report on the official numbers on domestic supply and demand.
Map of countries with proven oil reserves - according to US EIA (start of 2017) Trends in proven oil reserves in top five countries, 1980–2013 (data from US Energy Information Administration) A map of world oil reserves according to OPEC, January 2014
Output in the United States edged up by 100,000 barrels per day last week to 11.1 million barrels per day - the most since the EIA started maintaining weekly data in 1983.