API: U.S. crude oil production and exports hit historic highs, benefitting U.S. consumers
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WASHINGTON, January 23, 2020 – U.S. petroleum exports hit a new all-time high of 9.0 million barrels per day (mb/d) in the final month of 2019, according to data released today from the American Petroleum Institute’s December 2019 Monthly Statistical Report (MSR). This latest milestone came as U.S. crude oil production notched a fifth consecutive monthly increase to reach a record 12.9 mb/d.
“The strong December performance capped a historic year in America’s energy revolution,” API Chief Economist Dean Foreman said. “The global impact of this success story has become increasingly clear as the U.S. provided stability in a global marketplace rattled by geopolitical and economic headwinds. Look no further than the market’s mild reaction to recent Middle East tensions, which less than a decade ago would have rocked consumers and financial markets. This is good news for American households and businesses.”
Highlights from API’s the December 2019 Monthly Statistical Report include:
- Total U.S. petroleum exports reached an all-time high of 9.0 mb/d, which included a record 3.6 mb/d in crude oil exports.
- Productivity and well completions drove record U.S. crude oil production of 12.9 mb/d.
- Solid December jet fuel demand contributed to an annual record.
- Refining and petrochemical demand for naphtha and gasoil “other oils” set records for December and the year.
API represents all segments of America’s oil and natural gas industry. Its more than 600 members produce, process, and distribute most of the nation’s energy. The industry supports 10.9 million U.S. jobs and is 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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