U.S. production of crude oil, natural gas liquids hits highest level in June
June marked the highest level ever of U.S.-produced crude oil and natural gas liquids, according to a recent report from the American Petroleum Institute (API).
At month’s end, the country reached a record 10.7 million barrels per day of crude oil production and 4.2 million barrels per day of natural gas liquids. Domestic refineries also ran at their highest percent capacity utilization since 2005, operating at 96.6 percent and allowing a throughput record of 18 million barrels per day.
“U.S. oil production has supplied all of the growth in global oil demand so far this year and helped compensate for production losses in some OPEC nations,” API Chief Economist Dean Foreman said. “With continued increases in drilling activity, the U.S. is poised for further production increases in natural gas and oil. Unfortunately, increasing tariffs on steel and other components that are vital to our industry’s infrastructure and operations have emerged as a key challenge. For the energy renaissance to continue, the U.S. natural gas and oil industry critically needs policies that advance energy infrastructure around the country as well as the access of U.S. energy to global markets.”
The report also found that U.S. petroleum demand was at its strongest since 2007, with petroleum inventories holding steady as an accumulation of refined product stocks offset the decrease in crude oil stocks.
