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U.S. petroleum demand down in 2011: API

01-21-2012 13:31 BJT

WASHINGTON, Jan. 20 (Xinhua) -- The U.S. total petroleum deliveries fell 1.2 percent to an average of 18.9 million barrels a day in 2011 compared with 2010, said an industry association on Friday.

It was the largest drop in annual deliveries over the past decade except 2008, said American Petroleum Institute (API) in a report.

In December 2011 petroleum deliveries, a gauge for demand, were down 5.9 percent from the same period in the previous year, declining to an average of 18.6 million barrels per day, the lowest level in 15 years, said the report.

Among refined products, gasoline deliveries declined 2.1 percent in 2011 to an average of 8.803 million barrels per day and 4.3 percent in December.

"The weakness in gasoline demand in 2011 reflected the overall weakness in consumer spending," said API chief economist John Felmy.

Despite the decline in demand, supplies remained ample. Crude oil production rose 2.5 percent in 2011 to an average of 5.6 million barrels per day.

Total petroleum imports dropped 5.6 percent in 2011 from the year before. Meanwhile, crude oil imports fell by 3.4 percent and refined product imports decreased 14 percent.

Total petroleum exports, almost all of which were product exports, were up 25.5 percent in 2011 compared with 2010.

Crude oil stocks ended the year 0.4 percent up from 2010 to 3346 million barrels, a 17-year high.

API represents more than 490 oil and natural gas companies, which support 7.7 percent of the U.S. economy.

 

Editor:Bai Yang |Source: Xinhua

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