“Across the board, the October results were a great reflection of how market forces have benefited consumers,” API Chief Economist Dean Foreman said. “Decreased oil prices in October – despite record demand for the month and solid exports – underscored the influence of US oil production on global markets and helped insulate consumers from external shocks. This also demonstrates the tremendous value of infrastructure, as the breakout oil production was largely enabled by increased pipeline egress from the Permian Basin, improving deliverability to key Gulf Coast refining and export markets.”

Highlights from the October 2019 MSR include:

  • A new record for US crude oil production of 12.6 bpd – no. 1 in the world;
  • Total US petroleum demand of 21.2 bpd was highest on record for the month of October;
  • US petroleum exports remained steady above 8.0 bpd despite global challenges; yet,
  • Lower domestic oil prices, below US$54/bbl in October.