U.S. PETROLEUM IMPORTS HIGHEST IN MORE THAN 2 YEARS

The American Petroleum Institute has reported that U.S. petroleum imports of 8.8 million b/d in October were at their highest level in more than 2 years. API said imports of crude and products averaged 8,814,000 b/d, up 18% from the same month a year ago. Total U.S. deliveries of petroleum products rose 2.3%, reversing the year to year declines seen in the past several months. But API noted October's weather was colder than normal, and deliveries were flat on a seasonally adjusted basis.

Nov. 23, 1992

2 min read

The American Petroleum Institute has reported that U.S. petroleum imports of 8.8 million b/d in October were at their highest level in more than 2 years.

API said imports of crude and products averaged 8,814,000 b/d, up 18% from the same month a year ago.

TREND REVERSED

Total U.S. deliveries of petroleum products rose 2.3%, reversing the year to year declines seen in the past several months.

But API noted October's weather was colder than normal, and deliveries were flat on a seasonally adjusted basis.

It said, "Strong crude oil imports, which helped to supply above average trend refining activity and to rebuild below average crude oil inventories, contributed to the rise in total imports.

"The boost in refinery activity, reflecting the earlier than usual completion of maintenance and turnarounds at some sites, mainly counterbalanced below trend runs earlier in the year. "Total imports as a percent of domestic deliveries, at 50.7% in October, surpassed the 50% mark for the ninth time in the past 4 years."

U.S. PRODUCTION SLIDES

API said U.S. crude oil production dropped 5.5% or more than 400,000 b/d, to 7 million b/d in October.

"Crude oil production this year has continued to decline steadily year to year.

"Production in the Lower 48 fell 4.6% to 5.3 million b/d while Alaskan output fell over 8% to less than 1.7 million b/d.

"The decline in domestic production has been due to more than the low level of drilling, though that has played a significant role, particularly in frontier regions and offshore areas, which hold the most potential.

"Poorer economics for many of the country's roughly 600,000 existing oil wells have played a part.

"Servicing activity for existing wells, which enhances output and prolongs the life of producing fields, has dropped along with exploration and drilling of new wells.

"For the year to date through September, well servicing has fallen about 20% vs. the year ago period, and by over 40% since 1985."