US production outpaced demand in December: API

摘要

US crude oil stocks rose 7.4% year over year to reach 383.5 million barrels, the highest level since 1930, as production continues to outpace demand, the American Petroleum Institute said Friday in its monthly statistical report. “Even with a noticeable rise in demand, crude stocks ended higher last month than in any other December in the last 84 years,” API Chief Economist John Felmy said in a statement. “Historically high production continues to be the driving factor.”