Absolutely fascinating:
US oil data from the US Energy Information Administration for the week ending June 10th showed that after a big increae in our oil imports, another big oil withdrawal from the SPR, and an increase in oil supplies that could not be accounted for more than covered a near record jump in our oil exports, we had oil left to add our stored commercial crude supplies for the 7th time in 11 weeks, and for the 22nd time in the past 50 weeks…our imports of crude oil rose by an average of 831,000 barrels per day to an average of 6,985,000 barrels per day, after falling by an average of 64,000 barrels per day during the prior week, while our exports of crude oil rose by 1,493,000 barrels per day to 3,725,000 barrels per day, after falling by 1,758,000 barrels per day during the prior week, which meant that our trade in oil worked out to a net import average of 3,260,000 barrels of oil per day during the week ending June 10th, 622,000 fewer barrels per day than the net of our imports minus our exports during the prior week…over the same period, production of crude from US wells reportedly rose by 100,000 barrels per day to 12,000,000 barrels per day, and hence our daily supply of oil from the net of our international trade in oil and from domestic well production appears to have totaled an average of 15,260,000 barrels per day during the cited reporting week….
