Maintenance work in Alaska results in marked drop of US crude oil production

Lower oil production due to maintenance work in Alaska was chiefly responsible for the most recent decrease in production, an effect which is likely to evaporate again in the coming weeks. 

Therefore, the resulting increase in production should be more than offset when the downwardly revised monthly production data are factored into the equation, something that has yet to happen, says Commerzbank. For example, in its latest estimate for June the EIA assumes a production quantity that is only marginally above that reported for last week - meaning that oil production would hardly have fallen since June.

The weekly production data show a decrease by nearly 300,000 barrels per day since the end of June, however, assuming the temporary drop in production in Alaska is discounted.