API: U.S. sets new production records, benefiting American consumers and projecting global energy leadership
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WASHINGTON, December 19, 2019 – The American Petroleum Institute today released its Q4 2019 Industry Outlook and November 2019 Monthly Statistical Report, highlighting the continued growth and resilience of America’s domestic energy revolution. For the first time in nearly 60 years, the U.S. became a net exporter of total energy and as of November produced a record 12.8 million barrels of crude oil per day.
“Never before has a major energy-consuming nation also become a top global exporter of total energy – usually it’s the other way around,” said API Chief Economist Dean Foreman. “The fact that U.S. production has been able to simultaneously satisfy strong domestic demand and supply continued international demand for U.S. exports while maintaining relatively low and stable prices is remarkable and historic and magnitude.”
Highlights from API’s Q4 2019 Industry Outlook include:
- With solid productivity and expanded pipeline infrastructure, the U.S. is positioned for continued oil and natural gas production growth in 2020 as predicted by EIA.
- U.S. energy exports have continued to grow despite trade frictions.
- Nationwide natural gas demand for electricity generation increased 5.6 percent y/y so far in 2019, reflecting its cost competitiveness.
- Domestic petroleum demand remained near record highs throughout 2019.
- The U.S. refining industry appears well-prepared for IMO 2020, which may induce switching to distillates from residual fuel oil.
Highlights from the November 2019 Monthly Statistical Report include:
- U.S. crude oil production reached an all-time high of 12.8 mb/d in November.
- U.S. petroleum demand of 21.0 mb/d highest on record for month of November.
- U.S. crude oil and petroleum exports remained steady above 8.0 mb/d.
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.
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