American Oil and Gas Reporter - May 2016 - 23

IndustryDigest
Oil Production Falls
Below 9.0 MMbbl/d
While Demand Rises
WASHINGTON-At a little less than
9.0 million barrels a day, U.S. crude oil
production in March was down year-onyear, from the previous month, and for
the first quarter of 2016 compared with
first quarter 2015, according to the
American Petroleum Institute's Monthly
Statistical Report.
While down from February,
meanwhile, total petroleum demand in
March hit its highest monthly and first
quarter levels since 2008, the report adds.
API says March was the first time
since September 2014 that U.S. crude oil
production was less than 9.0 MMbbl/d.
March's production decreased by 6.8
percent from March 2015 and was down
by 1.3 percent from February, but
remained the second highest March
production level since 1986, API notes.
Compared with the first quarter 2015,
domestic production fell by 4.1 percent.
According to its 2016 Quarterly Well
Completion Report, estimated oil well
completions for first quarter 2016 were
down 81.0 percent from the same period
last year, API adds.
Natural gas liquids production was
down from the prior month, but was up
from both the prior year and prior first
quarter. API says NGL production in
March averaged nearly 3.4 MMbbl/d,
which was the highest level for the month
on record. However, it was 1.8 percent
below February's output. Compared with
the first quarter 2015, API says NGL
production rose by 8.7 percent.
According to the latest Quarterly
Well Completion Report, natural gas
well completions for first quarter 2016
were down 70.0 percent from the same
period last year.
API says total petroleum deliveries
in March climbed 0.4 percent from
March 2015 to average 19.3 MMbbl/d.
Compared with February, petroleum
demand decreased by 2.4 percent, but
was 0.4 percent higher than first quarter
of 2015 at nearly 19.4 MMbbl/d. These
were the highest first quarter deliveries
since 2008, API mentions.
March gasoline demand was up from
the prior month, prior year, and prior first
quarter, API continues. Gasoline
deliveries moved up 2.2 percent from
March 2015, and were up by 1.6 percent

from February to average nearly 9.3
MMbbl/d, API reports, the highest
March deliveries ever recorded. Gasoline
demand increased by 2.2 percent
compared with first quarter 2015.
However, distillate demand
decreased by 4.5 percent compared with
February and was 11.3 percent lower
than March 2015 to average just below
3.6 MMbbl/d, API reveals. For the
quarter, distillate deliveries were down

by 12.7 percent from 2015.
API reports the country's total
petroleum imports averaged nearly 10.0
MMbbl/d in March, which was the
highest level for any month since
September 2013. However, API points
out, this remains the fourth lowest imports
for the month of March since 1997. Total
petroleum imports were up by 1.3 percent
from February and by 4.6 percent from
March 2015. ❒

MAY 2016 23
American Oil and Gas Reporter - May 2016

Table of Contents for the Digital Edition of American Oil and Gas Reporter - May 2016
