U.S. Crude Oil Production Remains Level Last Week

OILMONSTER.COM- U.S. crude oil production stayed level during the week ending Jan. 25, the U.S. Energy Information Administration (EIA) said on Wednesday.

According to EIA, the weekly U.S. production of crude oil averaged 11.9 million barrels per day, the same as the previous week and up by about 2 million barrels per day year-on-year.

In the Annual Energy Outlook 2019 released last week, EIA forecast that the United States will become a net energy exporter in 2020 thanks to its increased crude oil production and decreased domestic consumption of petroleum products.

On Monday, the United States imposed sanctions on Venezuela's state-owned oil company to pile financial pressure on Venezuelan President Nicolas Maduro through curbing the country's crude exports.

Investors are worried that the latest sanctions would have a negative impact on U.S. purchasers and send global oil prices soaring.

U.S. oil prices rose on Wednesday. The West Texas Intermediate (WTI) for March delivery rose 0.92 U.S. dollar to settle at 54.23 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery rose 0.33 dollar to close at 61.65 dollars a barrel on the London ICE Futures Exchange.

Courtesy: www.xinhuanet.com