API: Total U.S. petroleum demand in July highest since 2005
Culled from WorldOil.com
WASHINGTON – Total U.S. petroleum demand averaged 20.8 MMbpd in July 2019, which represented a 0.9% year-over-year increase and the highest demand for the month since 2005, according to the latest Monthly Statistical Report released today by the American Petroleum Institute. The increase in demand came as the U.S. continued to sustain world-leading production, which continues to meet virtually all global oil demand growth.
Highlights from the July 2019 Monthly Statistical Report include:
- Sustained world-leading crude oil production at a record pace of 12 MMbpd year-to-date;
- Total U.S. petroleum demand of 20.8 MMbpd was highest for July since 2005; and,
- Jet fuel demand for the month of July reached a new record of 1.8 MMbpd.
“The continued ability of U.S. production to meet the world’s increasing energy needs is a testament to the shale revolution,” said API Chief Economist Dean Foreman. “With sustained production at a record pace of 12 MMbpd year-to-date, and U.S. Energy Information Administration analyses predicting that natural gas and oil will provide more than half the world’s power for decades to come, the U.S. is increasingly well-positioned to cushion global oil markets and insulate consumers from external shocks and price volatility.”
