OPEC Did The Right Thing And Oil Prices Are Jumping

U.S. domestic crude oil production averaged 11.700 mmbpd last week, an increase of 1.993 mmbpd from the year ago figure of 9.707 mmbpd. U.S. net imports of crude decreased in that year-over-year analysis with last week’s figure of 4.016 mmbpd showing a 1.828 mmbpd decline from the year ago figure.