This compares with a drop of 2.5 million barrels estimated by Ltd. for the previous week and another pumping of 3 million barrels, estimated by the American Petroleum Institute for the week to March 25. In gasoline, Ltd. reported a modest increase in inventories, to 800,000 barrels. Gasoline production averaged 9.1 million bpd last week. This compares with stockpiling of 2.9 million barrels last week, with an average daily production of 9.8 million barrels per day. In the medium distillates, the company estimated an increase in inventories of 1.4 million barrels for the week to March 25, with production averaging 5.1 million bpd. This compares with an average extraction of 2.1 million barrels of spirits last week and an average daily production of 5 million bpd. Despite rising fuel production, pump prices remain too high for convenience, which this week prompted the House Energy and Commerce Committee to summon the CEOs of half a dozen major oil producers to a “Gouged at the Gas Station” hearing. “Big Oil and America’s pain at the pump.” The range includes CEOs from Chevron, Devon Energy Corp, Exxon and Pioneer Natural Resources. Among those summoned were Shell’s head of operations in the United States and the president of BP America, Reuters reported. Some Democrat lawmakers have blamed the oil industry for the high oil prices and the consequent high fuel prices, and the industry has responded by explaining that the oil market is a global market and that pricing does not fall within the remit of an individual country. Speaking of pricing, OPEC is meeting tomorrow to discuss its production policy, with few possible surprises. The cartel and its OPEC + partners add 400,000 bpd to their monthly output, with some members falling short of the target due to technical difficulties. By Irina Slav for Oilprice.com More top readings from Oilprice.com:
