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API: US continues to lead world in natural gas liquids and crude oil production; petroleum demand at strongest level for March since 2005

The American Petroleum Institute’s latest monthly statistical report showed that the US sustained its position as the world’s leading oil producer, continuing a pace of 12.1 million barrels a day (mb/d), matching February 2019.

In addition, petroleum demand in March was the strongest for that month in more than a decade at 20.7 mb/d.

March 2019 highlights:

  • Sustained record US crude oil production (12.1 mb/d)

  • Petroleum inventories increased by 6.4 percent y/y and were 4.7 percent above the 5-year average

  • Gasoline demand (9.2 mb/d) in March decreased 2.1 percent year over year

  • Strongest March distillate demand since 2007, but growth halved from 2018

  • Strong March jet fuel demand, yet growth slowed

  • Residual fuel demand decreased

  • Refinery and petrochemical other oils’ demand (5.2 mb/d) highest for March on record

  • US exports of crude oil and refined products fell by 4.0 percent between February and March

Total US petroleum exports fell by 4.0 percent or 320 kb/d between February and March, slowing for the fourth consecutive month. US petroleum imports fell to 9.1 mb/d, which for the month of March were the lowest imports since 1995. With exports falling relatively more than imports in March, the US petroleum trade balance increased to 1.3 mb/d of net imports from 1.1 mb/d in February.

Comments

SJC

The U.S. is allowed to export our oil, even though we still import half.

HarveyD

Using over 20 million barrels by day may not be a record to be very proud of?

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