US Department of Energy reports record oil reserves in the country

Crude oil reserves in the United States increased by 5.7 million barrels over the week and set a historic record of 538.1 million barrels. This was stated in the materials published on the website of the US Department of Energy on June 10.

Last year’s historical record was achieved in March 2017. At that time, 535.5 million barrels of raw materials were stored in reservoirs.

At the same time, oil production for the week ended 5 June decreased by 100 thousand barrels per day to 11.1 mn barrels per day. Over the past four weeks, the average production of hydrocarbons amounted to 11.3 mn barrels per day.

In March, OPEC countries and other major oil exporters associated with it did not agree on production cuts. Agreement on updated terms was reached only on April 12.

On June 7, the OPEC+ countries agreed on an agreement to extend the reduction of oil production until the end of July. After the meeting it became known that Mexico is not going to participate in the OPEC+ deal since July. Without it the reduction of oil production will make 9.6 mn.

Compliance with the basic terms of the agreement by the lagging countries became a mandatory criterion for prolongation of the deal.