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U.S. crude oil production increases last week

2019-02-28 10:35

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U.S. crude oil production increased during the week ending Feb. 22, the U.S. Energy Information Administration (EIA) said on Wednesday.

According to the EIA, the weekly U.S. production of crude oil averaged 12.1 million barrels per day (b/d), up by 100,000 b/d from the previous week and up by about 1.8 million b/d year-on-year.

In the Annual Energy Outlook 2019 released last month, the EIA forecast that the United States will become a net energy exporter in 2020 thanks to its increased crude oil production and decreased domestic consumption of petroleum products.

Meanwhile, global oil supply fell by 1.4 million b/d to 99.7 million b/d in January. OPEC crude output was 30.83 million b/d in January, hitting a near 4-year low, according to the latest February oil market report released by the International Energy Agency.
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