E P U B ****************************************************************** December 1998 Highlights Based on initial estimates: * Total petroleum demand averaged 19.1 million barrels per day. * Crude oil production averaged 6.4 million barrels per day, the lowest level for December since 1954. Imports averaged 8.7 million barrels per day, a record high for the month. End-of-month crude oil stocks (excluding the Strategic Petroleum Reserve) totaled 322 million barrels, the highest December level since 1994. Crude oil inputs by refineries averaged 15.0 million barrels per day during December, the highest level for the month since 1978. * Finished motor gasoline demand averaged 8.4 million barrels per day, a record high for December. Production averaged 8.3 million barrels per day, also a record high for the month. Imports of 323 thousand barrels per day are the highest level for the month since the record was set in 1985. End-of-month stocks totaled 168 million barrels, the highest end of December level since 1994. * Distillate fuel oil demand averaged 3.4 million barrels per day during December. Production averaged 3.5 million barrels per day, 0.1 million barrels per day below the daily average for the month last year. Stocks of 154 million barrels were at their highest December level since 1986. * Total jet fuel demand averaged 1.7 million barrels per day during December. Production of 1.6 million barrels per day is a record high for the month. Stocks of 45 million barrels were at their highest December level since 1994. * Demand for residual fuel oil averaged 810 thousand barrels per day, slightly above the December level last year. Stocks ended the month at 44 million barrels, 3.4 million barrels above the end of December last year. Table H1. Petroleum Supply Summary (Million Barrels per Day, Except Where Noted) -------------------------------------------------------------------------------- 1998 1997 January-December -- Estimated -- Category Dec Nov Diff (a) Dec 1998 1997 -------------------------------------------------------------------------------- Products Supplied............ 19.1 18.6 0.5 19.3 18.7 18.6 Finished Motor Gasoline.... 8.4 8.1 0.2 8.1 8.2 8.0 Distillate Fuel Oil........ 3.4 3.4 (s) 3.7 3.4 3.4 Residual Fuel Oil.......... 0.8 0.9 (s) 0.8 0.8 0.8 Jet Fuel................... 1.7 1.6 0.2 1.6 1.6 1.6 Other Petro Products (b)... 4.9 4.7 0.2 5.0 4.7 4.8 Crude Oil Inputs............. 15.0 14.9 0.1 14.9 14.9 14.7 Operating Util (%)........... 96.2 95.2 1.0 98.5 96.5 96.5 Imports...................... 10.6 10.3 0.2 9.3 10.4 10.2 Crude Oil.................. 8.7 8.6 0.1 7.7 8.6 8.2 SPR...................... 0.0 0.0 0.0 0.0 0.0 0.0 Other.................... 8.7 8.6 0.1 7.7 8.6 8.2 Products................... 1.9 1.7 0.2 1.7 1.8 1.9 Finished Motor Gasoline.. 0.3 0.2 0.1 0.3 0.3 0.3 Distillate Fuel Oil...... 0.2 0.2 (s) 0.2 0.2 0.2 Residual Fuel Oil........ 0.3 0.3 (s) 0.2 0.2 0.2 Jet Fuel................. 0.1 0.1 (s) 0.1 0.1 0.1 Other Petro Products (c). 1.0 1.0 (s) 0.9 1.0 1.1 Exports...................... 1.0 1.0 (s) 1.2 1.0 1.0 Crude Oil.................. 0.1 0.1 (s) 0.1 0.1 0.1 Products................... 0.9 0.9 (s) 1.1 0.8 0.9 Total Net Imports............ 9.5 9.3 0.2 8.1 9.5 9.2 Stock Change (d)............. -0.5 -0.1 -0.4 -1.3 0.2 0.1 Crude Oil.................. -0.3 -0.1 -0.2 -0.6 (s) 0.1 Products................... -0.2 (s) -0.2 -0.7 0.2 0.1 -------------------------------------------------------------------------------- Total Stocks................. 1,628 1,644 -16 1,560 -- -- (million barrels) Crude Oil.................. 890 899 -9 868 -- -- SPR (e).................. 569 564 5 563 -- -- Other.................... 322 335 -14 305 -- -- Products................... 737 744 -7 692 -- -- Finished Motor Gasoline.. 168 163 5 166 -- -- Distillate Fuel Oil...... 154 149 5 138 -- -- Residual Fuel Oil........ 44 40 4 40 -- -- Jet Fuel................. 45 45 (s) 44 -- -- Other Petro Products (c). 327 347 -20 302 -- -- (a) Difference is equal to volume for current month minus volume for previous month. (b) Includes crude oil product supplied, natural gas liquids, liquefied refinery gases (LRG's), other liquids, and all finished petroleum products except finished motor gasoline, distillate fuel oil, residual fuel oil, and jet fuel. (c) Includes natural gas liquids, liquefied refinery gases (LRG's), other liquids, and all finished petroleum products except motor gasoline, jet fuel, distillate fuel oil, and residual fuel oil. (d) A negative number indicates a decrease in stocks and a positive number indicates an increase. (s) = Less than .05 million barrels per day, or less than 0.05 percent, or less than 0.5 million barrels. Note: Totals may not equal sum of components due to independent rounding.