WASHINGTON, Oct. 16 (UPI) — Total U.S. crude oil imports increased by more than 3 percent for the week ending Oct. 9, data from the U.S. Energy Information Administration show.
Data from EIA for the week ending Oct. 9 show the total crude oil imports averaged 7.3 million barrels per day, up by about 247,000 bpd from the previous week.
Total imports came at the same time that domestic production dropped. Crude oil production from Alaska increased for the week by 0.6 percent to 490,000 bpd, while output from the lower 48 states dropped 0.9 percent to 8.6 million bpd.
Lower crude oil prices are starving energy companies of revenue needed to invest heavily in exploration and production. Data published last week from oil field services company Baker Hughes show the number of rigs deployed across the United States for the week ending Oct. 9 fell 14, or 1.7 percent, from the previous week. Total U.S. rig counts are down 58 percent from last year.
The Organization of Petroleum Exporting Countries said in its latest monthly market report U.S. production should slow next year by as much as 100,000 bpd.
EIA said in a separate short-term market report the full-year average U.S. crude oil production is expected to decline by more than 3 percent from 2015 to 8.9 million bpd.
While OPEC expects U.S. oil production to fall by 100,000 barrels per day next year, production from its members increased 109,000 barrels last month to average 31.6 million bpd.
U.S. Federal Reserve Vice Chairman Stanley Fischer said last weekend low crude oil prices have translated to increased purchasing power for consumers. The negative impact on investments in the energy sector, he added, appears to be waning.
In releasing its third quarter results, however, oil field services company Schlumberger said the downturn should continue at least through early 2016.
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