API: U.S. Energy Production Sets New Records, Protecting American Consumers Amid Heightened Geopolitical, Trade Tensions
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 recently 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.”
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About API
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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Source: API