US Q1 crude output down 15.1% at just under 1 billion barrels

London (Quantum Commodity Intelligence) – Crude oil production in the US was 10.967 million barrels per day in March, leaving total output for the first quarter down 15.1% on the year at 0.974 billion barrels, the EIA said Tuesday.

The agency said capital investment trailed historical averages due to an uncertain outlook for crude prices.

Imports were also lower year-on-year in Q1 at 517 million barrels, a drop of 10.3%, while exports were 264.53 million barrels, down 16%.

Moving to refined products, exports of both distillate fuel and finished gasoline also fell on the year, at 77.1 million barrels and 59.19 million barrels respectively.

These represented drops of 37.3% and 20.3%.

However, distillate fuel imports more than doubled to 36.469 million barrels following an open arb from Europe during Winter Storm Uri.

Gasoline imports were down tracking overall gasoline demand at 6.928 million barrels, or a 22.9% fall.