BUSINESS US crude oil production remains level last week: EIA

BUSINESS

US crude oil production remains level last week: EIA

Xinhua

12:54, February 21, 2020

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File photo: VCG

HOUSTON, Feb. 20 (Xinhua) -- U.S. crude oil production remained level during the week ending Feb. 14, U.S. Energy Information Administration (EIA) said Thursday.

According to the EIA, U.S. domestic crude oil production stayed the same as the previous week at 13.0 million barrels per day (b/d) last week, up by about 1.0 million b/d year-on-year.

In the EIA's latest Short-Term Energy Outlook released last week, EIA forecast Brent crude oil spot prices would average 61 U.S. dollars per barrel in 2020, compared with 65 dollars per barrel projected a month ago.

Oil prices settled higher on Thursday after data showed U.S. crude inventories rose less than expected.

In the week ending Feb. 14, U.S. commercial crude oil inventories increased by 400,000 barrels from the previous week, according to the U.S. Energy Information Administration on Thursday.

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