US crude oil production breaks new record high

ANKARA

Crude oil production in the U.S. reached a new record high of 13.1 million barrels per day (bpd) for the week ending Feb. 28, according to data released by the Energy Information Administration (EIA) on Wednesday.

The world's biggest crude oil producer saw its output increase by 1,000 bpd in the state of Alaska and rise by 100,000 bpd in other states excluding Hawaii, bringing total crude output in the country from 13 million bpd to approximately 13.1 million bpd.

The last time the U.S.' crude oil production reached a record high level was for the week ending Jan. 10 when output climbed to 13 million bpd, according to the EIA's data.

The EIA's Short-Term Energy Outlook report for January estimates that crude oil production in the country will average 13.3 million bpd in 2020.

Commercial crude oil inventories in the U.S. rose by 0.8 million barrels, or 0.2%, to 444.1 million barrels for the week ending Feb. 28, less than the market expectation of an increase of 2.6 million barrels. Crude inventories increased by 0.5 million barrels during the previous week.

Strategic petroleum reserves, which are not included in the commercial crude stocks, remained unchanged at 635 million barrels last week, the data shows.

Gasoline inventories, on the other hand, fell by 4.3 million barrels, or 1.7%, to 252 million barrels over that period. The market expectation was a decrease of 2.1 million barrels. The week before saw gasoline stocks decline by 2.7 million barrels.