Petroleum demand in US goes down

Washington, July 19: The overall petroleum demand in the US edged down in June, said a leading industry group in a report.

The total petroleum deliveries, a measure of demand, fell one percent in June from a year ago to average just above 18.7 million barrels per day, said the American Petroleum Institute (API) in its monthly report on Thursday.

"The latest data continues to reflect the uncertainty visible in the broader economy," said API Chief Economist John Felmy.

"Domestic crude production reached a twenty-two year June high last month, but demand remains soft."

In June, gasoline deliveries edged down to average 8.9 million barrels per day, the lowest June level in 12 years, reported Xinhua.

In contrast, US domestic crude oil production in June increased 15.3 percent from a year earlier to average 7.2 million barrels per day, marking the highest June level in 22 years.

With the surging domestic energy production, imports of crude oil and refined products in June were average 9.8 million barrels per day, the lowest June level in 17 years.

API represents more than 500 oil and natural gas companies which supply most of the energy consumed in the US, and support an estimated 7.7 percent of the US economy.

IANS