by WorldTribune Staff, July 22, 2018
Production of U.S. crude oil and natural gas liquids hit record levels last month, according to the American Petroleum Institute (API).
API reported that June production of crude oil in the U.S. hit 10.7 million barrels per day. Production of natural gas liquids hit 4.2 million barrels per day.
“Record production of U.S. crude oil and natural gas liquids last month highlighted the strength of our nation’s energy renaissance,” said Dean Foreman, API chief economist. “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.”
Other highlights from API’s June 2018 statistical report include:
- U.S. petroleum demand year-to-date was at its strongest since 2007.
- Domestic refineries ran at their highest percent capacity utilization rate (96.6 percent) since 2005.
- Solid economic and energy market fundamentals also underpinned the strongest U.S. petroleum demand since 2007, at 20.6 million barrels per day.
“With continued increases in drilling activity, the U.S. is poised for further production increases in natural gas and oil,” Foreman said.
The oil and natural gas industry supports 10.3 million U.S. jobs, according to API.
You must be logged in to post a comment Login