Oil inventories in the US fell more than ever

Oil inventories in the US  fell more than ever

It is known that the commercial oil reserves in the United States for the week fell by 5.9 million barrels, or 1.2%, and reached 492.4 million barrels, according to the weekly review of the energy information department of the country's Ministry of Energy.
The country's strategic oil reserve fell by 1.1 million barrels, or 0.2%, to 636.7 million barrels, the ministry also said. Oil reserves at the country's largest terminal in Cushing while for the current reporting week rose to 46.7 million barrels from 46.3 million.
In addition, US gasoline inventories this week rose 0.3 million barrels, or 0.1%, to 234.9 million. Analysts predicted an increase of 0.8 million barrels. Distillate stocks fell 2.1 million barrels, or 1.4%, to 143.5 million. Their growth was predicted by 0.97 million barrels
Oil production in the country for the week rose to 11 million barrels from the previous week's level of 10.9 million barrels per day.

The department reports exact production data in a monthly report with a difference of two months. According to preliminary data, oil production in February amounted to 10.28 million barrels per day, in March - 10.84 million barrels per day.
The US Department of Energy lowered the forecast for the average oil production in the country at the end of 2021 to 11.04 million, and the forecast for 2022 - to 11.86 million barrels per day.
Moreover, world oil prices could collapse to $ 10 a barrel. However, writes CNBC with reference to the forecast of analysts of the consulting company Wood Mackenzie (specializing in research and forecasts in the energy sector), this can only be expected by 2050.
Such low prices will be possible if the world manages to achieve the goals of the Paris Agreement and switch to green energy.
According to analysts, by the middle of the 21st century, the demand for oil may fall by 70% in relation to the current demand.

Demand, they believe, will begin to fall already in 2023. After that, the trend will accelerate sharply.
By 2030, the price of Brent will drop to $ 37-42 per barrel.
By 2050, it will slide down to $ 10 per barrel of "black gold".

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