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Total US Petroleum Demand topped in July 2019 - API

Gasoil News - Published on Mon, 19 Aug 2019

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The latest Monthly Statistical Report released by the American Petroleum Institute, Total US petroleum demand averaged 20.8 million barrels per day in July 2019, which represented a 0.9% YoY increase and the highest demand for the month since 2005. The increase in demand came as the US continued to sustain world-leading production, which continues to meet virtually all global oil demand growth. This production cushion combined with high refinery utilization is furthering US energy security and benefiting American consumers. API Chief Economist Dean Foreman, said that “The continued ability of US production to meet the world’s increasing energy needs is a testament to the shale revolution. With sustained production at a record pace of 12.0 million barrel per day TYD, and US Energy Information Administration analyses predicting that natural gas and oil will provide more than half the world’s power for decades to come, the US is increasingly well-positioned to cushion global oil markets and insulate consumers from external shocks and price volatility.”

Highlights from the July 2019 Monthly Statistical Report include:
Sustained world-leading crude oil production at a record pace of 12.0 million barrel per dayYTD;
Total US petroleum demand of 20.8 million barrel per day was highest for July since 2005;
Jet fuel demand for the month of July reached a new record of 1.8 million barrel per day.

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Posted By : Sanju Moirangthem on Mon, 19 Aug 2019
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