At 421.8 million barrels, oil reserves are about 13% below the five-year average for this time of year. Last week’s construction compared to 2.4 million barrels last week. It also compares with an estimated increase in inventories of up to 7.757 million barrels last week, according to the American Petroleum Institute. The unexpected rise in inventories, however, failed to push prices much lower, with crude Brent and West Texas Intermediate remaining above $ 100 a barrel. In gasoline, the company reported a draw of 3.6 million barrels last week, compared to an estimated 2 million barrels last week. Gasoline production averaged 9.5 million barrels per day per week through April 8, compared to 9.1 million barrels per day last week. In the medium spirits, which are of concern to the transport sector due to the very limited supply, the EIA estimated a reduction of stocks by 2.9 million barrels for the week ending April 8. Average distillate production was 4.7 million bpd last week, compared to 5 million barrels per day last week. Earlier this week, oil prices recovered some of their recent losses as the United States and the International Atomic Energy Agency set to begin releasing a total of 240 million barrels of reserves to cut oil prices over the next six months. However, OPEC faced a changing market climate when it rejected EU calls for more production to help with price-fixing efforts. With the EU currently discussing a possible oil embargo on Russia, OPEC chief Mohamed Barkido said this could lead to the loss of more than 7 million barrels of oil a day and that it would be “almost impossible” to replace them all. the barrels. Oil prices jumped more than 4 percent immediately after reports of the meeting. At the time of writing, Brent crude was trading at $ 106.30 a barrel, with West Texas Intermediate trading at $ 102 a barrel. By Irina Slav for Oilprice.com More top readings from Oilprice.com:
