API: US production outpaced petroleum demand in May

06/30/2014
US crude oil production in May increased 14.7% from May 2013 to 8.3 million b/d—the highest level for the month since 1987—according to a report from the American Petroleum Institute. Total US petroleum deliveries, a measure of demand, meanwhile, increased 1.9% from last May to average 18.9 million b/d, the highest May deliveries in 6 years. The report comes on the heels of BP PLC's 63rd annual Statistical Review of World Energy in which the firm said the US recorded the largest increment to global oil consumption in 2013, while recording the largest production increase in the world and the largest annual increment in the country's history for a second consecutive year (OGJ Online, June 1...
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