API: U.S. Energy Production Sets New Records, Protecting American Consumers Amid Heightened Geopolitical, Trade Tensions
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WASHINGTON, October 18, 2019 – U.S. crude oil production reached a new all-time high of 12.4 million barrels per day (mb/d) – and U.S. natural gas liquids production sustained a record 4.8 mb/d – in September, according to data released today from the American Petroleum Institute’s September 2019 Monthly Statistical Report (MSR). This milestone came as global markets have grappled with geopolitical and trade tensions that underscored the ability of U.S. production to cushion American consumers by helping to keep prices low and reduce price volatility.
Highlights from the September 2019 MSR include:
- U.S. petroleum demand of 20.8 mb/d was highest on record for month of September;
- Gasoline prices in September decreased seasonally despite an increase in crude oil prices;
- Total inventories increased year-on-year for the 11th consecutive month; and,
- Increased exports and decreased imports drove U.S. petroleum net imports to 0.8 mb/d, which appeared to position the U.S. as an exporter of total energy.
“While we await confirmation from the U.S. Energy Information Administration, data in this month’s report appear to indicate that the U.S. may have resumed its status as a net exporter of total energy for the first time in more than half a century,” said API Chief Economist Dean Foreman. “Considering the geopolitical and trade headwinds that have rippled through global oil markets in recent weeks, it is remarkable that U.S. production was able to simultaneously satisfy a domestic demand record, feed the growth in international exports, and also place downward pressure on motor fuel prices.”
API represents all segments of America’s oil and natural gas industry. Our more than 600 members produce, process and distribute most of the nation’s energy. The industry supports more than ten million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. API was formed in 1919 as a standards-setting organization. In our first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.
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