US oil production stays same last week

HOUSTON: US crude oil production stayed the same during the week ending March 1, the US Energy Information Administration (EIA) said on Wednesday.

According to the EIA, the weekly US production of crude oil averaged 12.1 million barrels per day (b/d), the same as the previous week and up by about 1.7 million b/d year-on-year.

In the Annual Energy Outlook 2019 released in January, the EIA forecast that the United States will become a net energy exporter in 2020 due 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 four-year low, according to the latest February oil market report released by the International Energy Agency.