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API: U.S. oil production breaks 26-year record

April crude oil production close to 8.3 million barrels per day.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   May 23, 2014 at 9:49 AM
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WASHINGTON, May 23 (UPI) -- April was strong for both oil production and refining, with production breaking a 26-year record, the American Petroleum Institute reported.

API said U.S. crude production for April was close to 8.3 million barrels per day, a 12.6 percent increase year-on-year and the highest level for any April since 1988.

For the refining sector, API said gross inputs and exports of refined products grew 5.1 percent compared to last April to 16.1 million bpd.

Total U.S. petroleum deliveries, which API uses as an indication of demand, rose 2.3 percent year-on-year to close to 19 bpd, the highest level for any April since 2010.

"April brought strong year-over-year growth in both the production and refining sectors," API Chief Economist John Felmy said in a statement Thursday. "The oil and natural gas industry continues to provide a solid base for growth in the larger economy."

API said more consumers were taking to the road now that summer is approaching. Gasoline demand in April increased 2.7 percent compared with the same time last year.

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