U.S. LOGS RARE GAIN IN CRUDE OIL PRODUCTION

For the first time in 5 years, U.S. crude oil production increased during the first quarter. The American Petroleum Institute reported January-March production averaged 7.507 million b/d, up 1.2% from 7.418 million b/d produced in first quarter 1990. The increase was due to a 4.6% climb in Alaskan production, where North Slope production facilities have been added and well fracturing has been stepped up.

April 29, 1991

For the first time in 5 years, U.S. crude oil production increased during the first quarter.

The American Petroleum Institute reported January-March production averaged 7.507 million b/d, up 1.2% from 7.418 million b/d produced in first quarter 1990.

The increase was due to a 4.6% climb in Alaskan production, where North Slope production facilities have been added and well fracturing has been stepped up.

Also, in the Lower 48 increased well servicing in the latter part of 1990, along with modest gains in drilling, helped moderate the decline trend of the previous 5 years, which had averaged about 5%/year.

As U.S. production rose, product deliveries dropped slightly, resulting in a sharp decline in imports.

For the first quarter, an average of 16.744 million b/d of products was supplied, down 1.7% from 17.026 million b/d in the first 3 months of 1990.

Total U.S. imports in the quarter were down 17.2%. They averaged 6.987 million b/d, compared with 8.438 b/d in first quarter 1990.

With reduced demand and increased supply in world markets following the Persian Gulf ceasefire, kerosine jet fuel production dropped noticeably in March, falling by nearly 5%.