US Petroleum Demand Strongest Since 2007
In the year-to-date through July, total U.S. petroleum demand averaged its strongest level since 2007 at 20.4 million barrels per day (MMbpd).
That’s according to the American Petroleum Institute’s (API) latest monthly statistical report, which revealed that total U.S. petroleum demand averaged 20.8 MMbpd in July. This represents a 0.9 percent year-on-year increase and the highest demand for the month since 2005, according to the report.
U.S. oil supply and natural gas liquids supply remained near record levels in July at 12 MMbpd and 4.8 MMbpd, respectively, the report highlighted. U.S. petroleum exports fell in July by the second-most on record, the report noted.
Last month, the API revealed that U.S. petroleum demand reached its highest level for June since 2005. Oil production was at 12.2 MMbpd in June and U.S. crude oil exports reached a new all-time high of 3.3 MMbpd during the month, according to the API’s previous monthly statistical report.
The API describes itself as the only national trade association representing all facets of the natural gas and oil industry. According to its website, the API’s mission is to promote safety across the industry globally and to influence public policy in support of a strong, viable U.S. oil and natural gas industry. The API was formed in 1919 and has more than 600 members.
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