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US oil production climbs to record as net imports decline

US oil production averaged a record 12.6 million b/d last week as US net imports of crude oil fell to levels not seen since February, the US Energy Information Administration said Wednesday.

In its Weekly Petroleum Status Report for the week ending October 4, the agency said domestic crude production had increased by 1.4 million b/d from the same week a year ago.

In its Short-Term Energy Outlook Tuesday, EIA forecast monthly US oil output to average 13 million b/d by December, but that roughly 1 million b/d of annual growth is expected to slow in 2020, climbing less than 400,000 b/d over the course of next year.

US imports of crude oil averaged over 6.22 million b/d last week, down about 67,000 b/d from last week and down more than 1.17 million b/d from the same week last year, the agency said.

NO VENEZUELAN OIL
For the 20th week in a row, the US imported no crude from Venezuela and for the fifth week in a row imported no Kuwaiti crude, EIA data shows. US refiners imported over 3.4 million b/d from Canada and 524,000 b/d from Mexico last week, up nearly 100,000 b/d and 193,000 b/d, respectively, from last week, according to the EIA. Imports of Saudi crude fell to 350,000 b/d, down 120,000 b/d from the previous week and down 531,000 b/d from the same week a year ago.

US net imports of crude averaged over 2.82 million b/d last week, down 601,000 b/d from the previous week, as US crude exports climbed over 3.4 million b/d, up 534,000 b/d from the previous week and the highest weekly domestic average since the third week of June when 3.77 million b/d were exported. US net crude imports fell below 2.56 million b/d in the week ending February 22 before climbing to nearly 4.2 million b/d the following week, EIA data showed.

COMMERCIAL CRUDE STOCKS RISE
EIA data showed US commercial crude stocks rose 2.73 million barrels to 425.57 million barrels for the week ended October 4. Analysts surveyed Monday by S&P Global Platts had been looking for a 2.4 million barrel build.

US gasoline stocks fell 1.21 million barrels to 228.76 million barrels last week, also in line with analysts’ expectations. US distillate stocks fell more than expected, down 3.94 million barrels to 127.32 million barrels for the reporting week. Analysts had expected a 2.5 million barrel draw.
Source: Platts

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