In a remarkable month, the American Petroleum Institute’s latest Monthly Statistical Report (MSR) shows the U.S. natural gas and oil industry established multiple records in December, including the highest:
“With strong economic growth in 2018 and remarkable productivity by the natural gas and oil industry, the United States contributed more than 2.1 million barrels per day of new oil supplies in 2018, including all liquid fuels, which was the greatest addition to supply that the world has ever seen in a single year. The U.S. met virtually all of the growth in global oil demand for the year – more than compensating for declines among OPEC nations,” said API Chief Economist Dean Foreman.
With record refinery throughput, total petroleum inventories – led by refined products – built to within 2.6 percent of the maximum of the 5-year historical range. Meanwhile, the U.S. also took another step closer to energy independence with petroleum net imports falling below 2.0 million barrels per day in December.
Markets remained resilient and, despite trade frictions with China, U.S. petroleum trade has found other international markets.
For more information on the monthly reports, visit our API website, where the reports are now available to view and share.
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. For nearly a hundred years, API which started as a standards-setting organization has developed almost 700 standards to enhance the safety of our workers and protect the community and environment – standards the world looks to as a guide. 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.