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.