Report: America world’s chief oil producer
The American Petroleum Institute’s (API) Monthly Statistical Report (MSR) covering October 2019, maintains America continued to solidify its position as the world’s top producer of crude oil.
The analysis showed domestic crude oil production reached a new all-time high of 12.6 million barrels per day (mb/d), adding total petroleum demand of 21.2 mb/d was highest on record for the month of October while petroleum exports remained steady above 8.0 mb/d despite global challenges.
“Across the board, the October results were a great reflection of how market forces have benefited consumers,” Dean Foreman, API chief economist, said. “Decreased oil prices in October, despite record demand for the month and solid exports, underscored the influence of U.S. oil production on global markets and helped insulate consumers from external shocks.”
Foreman said the report findings also demonstrate the value of infrastructure, noting the oil production was largely enabled by increased pipeline egress from the Permian Basin, which he said improved deliverability to key Gulf Coast refining and export markets.
The organization is the only national trade association representing all facets of the natural gas and oil industry, supporting 10.3 million jobs and nearly 8 percent of the nation’s economy.
