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Demand for Petroleum Sees Increase in Record October

Demand for petroleum increased 3.3 percent for the month of October, according to the latest report from the American Petroleum Institute (API).

The API report measures demand by total domestic deliveries. According to the most recent report, there were 20.8 million barrels per day in recorded delivers in October, an increase over September’s numbers and an increase of almost 4 percent year over year. This was the first time in five years demand has increased from September to October. The results continue a strong year for demand, which is the strongest it has been since 2007

The increase was likely driven by an October record for consumer gasoline deliveries, which totaled 9.5 million barrels per day. That was an increase of 2.4 percent over September.

Posted on November 26, 2018 at 2:51 pm

Categories: News

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