API released its monthly statistical report for June of 2018 highlighting that U.S. production of crude oil and natural gas liquids hit is highest level ever. In June, production of crude oil hit 10.7 million barrels per day (mb/d) and production of natural gas liquids hit 4.2 mb/d.
‘Record production U.S. crude oil and natural gas liquids last month highlighted the strength of our nation’s energy renaissance,’ said API Chief Economist Dean Foreman. ‘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. 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.’
Highlights from the June 2018 statistical report:
- U.S. petroleum demand year-to-date at its strongest since 2007.
- Domestic refineries ran at their highest percent capacity utilization rate in June (96.6 percent) since 2005.
- Refinery throughput hit a new record of 18 mb/d.
- With the record refinery throughput, U.S. petroleum inventories held steady as an accumulation of refined product stocks more than offset the drawdown in crude oil stocks.
- Solid economic and energy market fundamentals also underpinned the strongest U.S. petroleum demand since 2007, at 20.6 mb/d.
Source: American Petroleum Institute