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US crude oil production and exports hit historic highs

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Hydrocarbon Engineering,

US petroleum exports hit a new all-time high of 9 million bpd in the final month of 2019, according to data released from the American Petroleum Institute’s (API) December 2019 Monthly Statistical Report (MSR).

This latest milestone came as US crude oil production notched a fifth consecutive monthly increase to reach a record 12.9 million bpd.

API Chief Economist Dean Foreman said: “The strong December performance capped a historic year in America’s energy revolution […] The global impact of this success story has become increasingly clear as the US provided stability in a global marketplace rattled by geopolitical and economic headwinds, exemplified by the market’s mild reaction to recent Middle East tensions, which less than a decade ago would have rocked consumers and financial markets. This is good news for American households and businesses.”

Highlights from API’s the December 2019 Monthly Statistical Report include:

  • Total US petroleum exports reached an all-time high of 9 million bpd, which included a record 3.6 million bpd in crude oil exports.
  • Productivity and well completions drove record US crude oil production of 12.9 million bpd.
  • Solid December jet fuel demand contributed to an annual record.
  • Refining and petrochemical demand for naphtha and gasoil ‘other oils’ set records for December and the year.

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