US Energy Secretary Jennifer Granholm said on Monday that US oil and gas production is in increase and will continue to grow to offset the quantities of crude oil ranging from 1 million to 1.5 million barrels per day that are no longer reaching the market in the wake of the Russian invasion of Ukraine, according to Reuters.
The latest data from the US Energy Information Administration showed net crude oil imports to the United States last week fell by 2.25 million barrels per day.
The data indicated that U.S. crude oil exports rose last week to their highest level since March 2020, at 4.3 million barrels per day.
On the other hand, the administration said U.S. oil production jumped to 11.9 million barrels per day, the highest level since May 2020.
Read More About: Business News