US sets record for oil production in September
According to the latest monthly statistical report from the American Petroleum Institute (API), the country produced a record 11.0 million barrels of crude oil per day (mb/d) in September, enabling the United States to meet almost all global oil demand growth.
U.S. liquid fuels production grew 2.2 mb/d year-over-year (y/y). As supply increased, crude oil inventories also grew in September but remained approximately 14 percent below those of September 2017.
“The United States has continued to lead the world in oil production growth this year, and that growth is helping to meet growing energy needs at home and abroad despite production losses by some OPEC nations,” API Chief Economist Dean Foreman said. “As a result, consumers have continued to enjoy affordable fuel prices that also are a key advantage for the U.S. economy.”
Seasonal slowing following the summer driving season led U.S. petroleum demand to slow to 20.1 mb/d in September from 20.8 mb/d in August. Product inventories decreased between August and September as refinery throughput slowed due to scheduled maintenance turnarounds.
West Texas Intermediate (WTI) oil averaged $70.23 per barrel in September, an increase from $2.17 per barrel from August. International Brent crude oil prices averaged $78.89 per barrel, up $6.36 from August.
