US crude oil production and exports hit historic highs

This latest milestone came as US crude oil production notched a fifth consecutive monthly increase to reach a record 12.9 million bpd.

API Chief Economist Dean Foreman said: “The strong December performance capped a historic year in America’s energy revolution […] The global impact of this success story has become increasingly clear as the US provided stability in a global marketplace rattled by geopolitical and economic headwinds, exemplified by the market’s mild reaction to recent Middle East tensions, which less than a decade ago would have rocked consumers and financial markets. This is good news for American households and businesses.”

Highlights from API’s the December 2019 Monthly Statistical Report include:

• Total US petroleum exports reached an all-time high of 9 million bpd, which included a record 3.6 million bpd in crude oil exports.
• Productivity and well completions drove record US crude oil production of 12.9 million bpd.
• Solid December jet fuel demand contributed to an annual record.
• Refining and petrochemical demand for naphtha and gasoil ‘other oils’ set records for December and the year.