U.S. sets new record for oil production in September meeting virtually all global demand growth
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WASHINGTON, October 18, 2018 – The American Petroleum Institute’s latest monthly statistical report shows the U.S. produced a record 11.0 million barrels of crude oil per day (mb/d) in September. U.S. liquid fuels production grew 2.2 mb/d year-over-year (y/y), and the U.S. met virtually all global oil demand growth. As supply increased, crude oil inventories also rose in September but remained nearly 14 percent below those of September 2017.
“The United States has continued to lead the world in oil production growth this year and that growth is helping to meet growing energy needs at home and abroad despite production losses by some OPEC nations,” said API Chief Economist Dean Foreman. “As a result, consumers have continued to enjoy affordable fuel prices that also are a key advantage for the U.S. economy.”
With seasonal slowing after the summer driving season, U.S. petroleum demand slowed to 20.1 mb/d in September from 20.8 mb/d in August. Despite weaker demand, product inventories fell between August and September as refinery throughput slowed due to scheduled maintenance turnarounds.
Consequently, the market remained balanced in a way that continued to support prices. West Texas Intermediate (WTI) oil averaged $70.23 per barrel in September, up $2.17 per barrel from August. By contrast, international Brent crude oil prices averaged $78.89 per barrel, up $6.36 from August. Higher international prices reflected a market that has grappled with geopolitical uncertainties and the effects of Iranian sanctions.
- Strongest year-to-date jet fuel demand on record.
- Refinery and petrochemical feedstock demand up more than 0.5 mb/d since September 2017
- Global and U.S. oil prices and volatility diverged.
- Interest rates rose along with a solid economy.
- U.S. petroleum exports rebounded.
- U.S. petroleum inventories stable in the 5-year range.
API is the only national trade association representing all facets of natural gas and oil industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s more than 600 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 45 million Americans.
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