Argonne and Capstone receive DOE commercialization funds for thermal energy storage technology
LG Chem hosts open innovation contest for start-ups with new battery technologies

API: US sets new record for oil production in September, meeting virtually all global demand growth

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.

Comments

SJC

We use 20 million barrels per day and now export oil.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Your Information

(Name is required. Email address will not be displayed with the comment.)