Total US petroleum demand reaches highest level since 2005
Published by Tom Mostyn,
Total US petroleum demand averaged 20.8 million bpd in July 2019, which represented a 0.9% year-over-year increase and the highest demand for the month since 2005, according to the latest Monthly Statistical Report released today by the American Petroleum Institute (API). The increase in demand came as the US continued to sustain world-leading production. This production cushion combined with high refinery utilisation is furthering US energy security and benefiting consumers.
Highlights from the July 2019 Monthly Statistical Report include:
- Sustained world-leading crude oil production at a record pace of 12.0 million bpd year-to-date.
- Total US petroleum demand of 20.8 million bpd was highest for July since 2005.
- Jet fuel demand for the month of July reached a new record of 1.8 million bpd.
“The continued ability of US production to meet the world’s increasing energy needs is a testament to the shale revolution,” said API Chief Economist Dean Foreman. “With sustained production at a record pace of 12.0 million bpd year-to-date, and US Energy Information Administration analyses predicting that natural gas and oil will provide more than half the world’s power for decades to come, the US is increasingly well-positioned to cushion global oil markets and insulate consumers from external shocks and price volatility.”
Read the article online at: https://www.hydrocarbonengineering.com/refining/16082019/total-us-petroleum-demand-reaches-highest-level-since-2005/
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