Jonathan Cogan, a spokesman for the US Energy Information Administration, assured markets that a surge in the US crude production does not actually happen. It means that regular increases reported in weekly updates are just rough figures which are modified to align with the agency’s Petroleum Supply Monthly.
In mid-August, the weekly output jumped by 152,000 barrels a day, which has been the biggest increase since May 2015, according to the US Department of Energy. However, production did not actually expand by that amount but was modified to incorporate the monthly report.
"The weekly data is based on models, with the exception of Alaska,” Cogan said. “When the monthly data or Short Term Energy Outlook differs from the weekly data, we re-benchmark”.
The EIA reported that crude production in Alaska rose by 52,000 barrels a day to 477,000 barrels in the week ended August 12. "I would caution anyone who takes the production number from one of our monthly reports and takes it as the beginning of a trend, and that’s certainly the case with the weeklies," Cogan noted.
