The American Petroleum Institute (API) on Tuesday reported an increase in US oil reserves by 7.29 million barrels for the week ending March 1.
The previous week ending February 22, the API reported a drop in oil reserves of 4.2 million barrels.
In its latest short-term energy outlook, published last month, the US Energy Information Administration (EIA) announced that US oil prices will fall, and oil production will rise in 2019 and 2020.
According to the EIA, the spot price for Brent crude averages $ 61 per barrel in 2019 and $ 62 per barrel in 2020 compared with an average of $ 71 per barrel in 2018.
According to the EIA, crude oil production in the United States in January 2019 averaged 12 million barrels per day, which is 90,000 barrels per day more than in December 2018.
Oil production in the United States is expected to average 12.4 million barrels per day in 2019 and 13.2 million barrels per day in 2020, with most of the growth occurring in the Perm region of Texas and New Mexico.