U.S. data show petroleum supply and consumer demand dropped

30 Sep 2017   Oil Supply, USA

U.S. crude oil production slowed down during the summer, measures of consumer demand for fuels declined and imports are drying up, data from the industry show. Data from the American Petroleum Institute show total petroleum deliveries, a broad-based gauge of total demand, was up 1.3 percent in August when compared with last year. Pointing to recent data from the government, Hazem Arafa, the director of statistics for API, said a strong economy means strong demand. “Strong economic growth is boosting petroleum demand,” he said in a statement . “Meanwhile domestic production remains high allowing consumers and businesses to continue to enjoy relatively low fuel costs.” The U.S. Commerce Department reported real gross domestic product increased at an annual rate of 3.1 percent in […]

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