U.S. October oil production highest in 25 years; imports lowest in 17

Nov. 22, 2013 at 5:52 AM
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WASHINGTON, Nov. 22 (UPI) -- American Petroleum Institute Chief Economist John Felmy said U.S. oil production reached ts highest monthly total for October in a quarter-century.

"Domestic crude oil production hit a 25-year October high last month while imports fell to a 17-year October low," he said in a statement Thursday. "The United States continues to meet more and more of its demand with energy produced here at home."

The API said domestic crude oil production in October was nearly 7.8 million barrels per day, an 11.7 percent increase from October 2012. Crude oil imports in October declined 0.5 percent from the same time last year to 8.1 million bpd.

The U.S. Energy Department said it expects crude oil production to increase from an average 7.5 million bpd in 2013 to 8.5 million bpd next year.

The trade association, which represents the business interests of more than 500 energy companies, said total U.S. petroleum deliveries, a measure of the domestic demand for oil, increased 1.3 percent from October 2012 to average around 19 million bpd last month. Demand for gasoline followed similar trends in the U.S. market, the API said.

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