API: U.S. Strengthens Position As World’s Top Oil Producer, Benefiting Consumers
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WASHINGTON, November 14, 2019 – The U.S. further solidified its position as the world’s top producer of crude oil in October with domestic production reaching a new all-time high of 12.6 million barrels per day (mb/d), according to data released today from the American Petroleum Institute’s Monthly Statistical Report (MSR) covering October 2019. The record production was met with solid U.S petroleum demand and exports plus lower oil prices in October.
“Across the board, the October results were a great reflection of how market forces have benefited consumers,” API Chief Economist Dean Foreman said. “Decreased oil prices in October – despite record demand for the month and solid exports – underscored the influence of U.S. oil production on global markets and helped insulate consumers from external shocks. This also demonstrates the tremendous value of infrastructure, as the breakout oil production was largely enabled by increased pipeline egress from the Permian Basin, improving deliverability to key Gulf Coast refining and export markets.”
Highlights from the October 2019 MSR include:
- A new record for U.S. crude oil production of 12.6 mb/d – No. 1 in the world;
- Total U.S. petroleum demand of 21.2 mb/d was highest on record for the month of October;
- U.S. petroleum exports remained steady above 8.0 mb/d despite global challenges; yet,
- Lower domestic oil prices, below $54.00 per barrel in October.
API is the only national trade association representing all facets of the 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, 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 47 million Americans. API was formed in 1919 as a standards-setting organization. In its first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.