Report examines domestic energy exports
The American Petroleum Institute’s (API) recently released Q4 2019 Industry Outlook and November 2019 Monthly Statistical Report hails the nation’s role as a net exporter of total energy.
The analysis also determined as of November the United States produced a record 12.8 million barrels of crude oil per day, adding with solid productivity and expanded pipeline infrastructure, America is positioned for continued oil and natural gas production growth in 2020.
“Never before has a major energy-consuming nation also become a top global exporter of total energy – usually it’s the other way around,” API Chief Economist Dean Foreman said. “The fact that U.S. production has been able to simultaneously satisfy strong domestic demand and supply continued international demand for U.S. exports while maintaining relatively low and stable prices is remarkable and historic and magnitude.”
The 2019 Industry Outlook showed domestic energy exports have continued to grow despite trade frictions; nationwide natural gas demand for electricity generation increased 5.6 percent year to year so far in 2019, reflecting its cost competitiveness; domestic petroleum demand remained near record highs throughout 2019; and the American refining industry appears well-prepared for International Maritime Organization (IMO) 2020, which may induce switching to distillates from residual fuel oil.
Monthly Statistical Report data outlined crude oil production reached an all-time high of 12.8 mb/d in November; domestic petroleum demand of 21.0 mb/d highest on record for November; and crude oil and petroleum exports remained steady above 8.0 mb/d.
