The American Petroleum Institute’s latest monthly statistical report shows the US produced a record 11.0 million barrels of crude oil per day (mb/d) in September.
US liquid fuels production grew 2.2 mb/d year-over-year (y/y), and the US met virtually all global oil demand growth. As supply increased, crude oil inventories also rose in September but remained nearly 14% below those of September 2017.
With seasonal slowing after the summer driving season, US petroleum demand slowed to 20.1 mb/d in September from 20.8 mb/d in August. Despite weaker demand, product inventories fell between August and September as refinery throughput slowed due to scheduled maintenance turnarounds.
Consequently, the market remained balanced in a way that continued to support prices. West Texas Intermediate (WTI) oil averaged $70.23 per barrel in September, up $2.17 per barrel from August. By contrast, international Brent crude oil prices averaged $78.89 per barrel, up $6.36 from August. Higher international prices reflected a market that has grappled with geopolitical uncertainties and the effects of Iranian sanctions.