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.