Crude oil production in the U.S. posted a new record high level last week by reaching 11.7 million barrels per day (bpd), according to the Energy Information Administration (EIA) data released late Thursday.
The U.S.' crude oil output rose by 111,000 bpd for the week ending Nov. 9, from 11.6 million bpd the week before, the EIA data showed. Production of crude oil increased by 11,000 bpd in the state of Alaska, and rose to a total of 100,000 bpd in other states, according to the data.
While this marked the 36th time crude oil production in the U.S. rose in the past 44 weeks, it also carried the country's crude output to a new all-time high level.
Crude oil output in the U.S. jumped 400,000 bpd for the week ending Nov. 2 to 11.6 million bpd, and marked the highest level of crude output in the U.S. This level also ensured that the country overtook Russia taking the no. 1 spot as global crude oil producer.
The U.S.' crude oil production is estimated to average 10.9 million bpd this year, and 12.1 million bpd next year, according to the EIA's Short-Term Energy Outlook report in November.
- Crude inventories increase
The U.S.' commercial crude oil inventories surpassed expectations and increased by 10.3 million barrels, or 2.4 percent, to 442.1 million barrels for the week ending Nov. 9, according to the EIA data.
The market forecast for crude stocks was a rise of 3.2 million barrels as they rose by 5.8 million barrels the week before.
Strategic petroleum reserves, which are not included in the commercial crude oil stocks, decreased by 1.4 million barrels, or 0.2 percent, to 653.3 million barrels last week.
Gasoline inventories also fell 1.4 million barrels, or 0.6 percent, to 226.6 million barrels for the week ending Nov. 9, the data showed.
The market expectation for gasoline inventories was a decline of 1.5 million barrels. Gasoline stocks rose by 1.8 million barrels during the prior week.
- Crude prices fell
As the EIA data showed increases in U.S. crude oil production and inventories, crude prices posted some losses in the global market.
Global benchmark Brent crude fell 0.5 percent from the previous close to $66.48 per barrel at 1100 EST (1400 GMT) on Thursday. American benchmark West Texas Intermediate declined 0.4 percent from previous close to $56.44 a barrel at the same time.
While Brent opened Friday at $66.69 a barrel, WTI started the day at $56.44 per barrel.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr