The US further solidified its position as the world’s top producer of crude oil in October with domestic production reaching a new all-time high of 12.6 million bpd, according to data recently released from the American Petroleum Institute’s (API) Monthly Statistical Report (MSR) covering October 2019.
The record production was met with solid US petroleum demand and exports plus lower oil prices in October.
“Across the board, the October results were a great reflection of how market forces have benefited consumers,” API Chief Economist, Dean Foreman, said. “Decreased oil prices in October – despite record demand for the month and solid exports – underscored the influence of US oil production on global markets and helped insulate consumers from external shocks. This also demonstrates the tremendous value of infrastructure, as the breakout oil production was largely enabled by increased pipeline egress from the Permian Basin, improving deliverability to key Gulf Coast refining and export markets.”
The October 2019 MSR revealed that total US petroleum demand of 21.2 million bpd was the highest on record for the month of October. US petroleum exports remained steady above 8 million bpd, despite global challenges. However, domestic oil prices were below US$54/bbl in October.
Read the article online at: https://www.hydrocarbonengineering.com/refining/19112019/api-us-strengthens-position-in-oil-market/
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