UPDATE 1-US December oil demand down 2.1 pct from year ago-API

Fri Jan 18, 2013 4:01pm GMT

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WASHINGTON, Jan 18 (Reuters) - U.S. oil demand fell once again in December, with
oil consumption for 2012 dropping to its lowest annual level in 16 years, industry
group American Petroleum Institute said on Friday.
    December petroleum demand dipped 2.1 percent from a year earlier to 18.405
million barrels per day. Overall, oil consumption fell 2 percent during 2012. 
    "The year was a story of contrasts. U.S. product demand weakened across the
board, while domestic production of crude surged," API chief economist John Felmy
said. 
    Bolstered by booming shale oil development, U.S. crude oil output averaged 6.431
million bpd during 2012, up 13.8 percent from a year ago. This was the largest
annual increase in oil production since 1859.
    Gasoline demand declined 1.1 percent in December, with gasoline consumption
mostly unchanged during 2012. 
    The API's demand figure for December is lower than the U.S. Energy Information
Administration's preliminary estimate of fuel consumption at 18.965 million bpd for
the month. The government agency saw December demand up 0.9 percent year-on-year.
    The EIA issues its revised December demand number at the end of February.
    Demand for distillate fuel, which includes diesel and heating oil, dropped 7
percent to 3.585 million bpd in December, the API said. Distillate demand fell 4
percent during 2012 from 2011 levels, with consumption at its lowest level in three
years.
    Jet fuel showed some strength, however, with consumption rising 2.7 percent to
1.390 million bpd for the month, it said. Jet fuel use was still down for the year
overall, dipping 1.7 percent from 2011.
    Total imports in December accounted for 56 percent of U.S. oil demand, down from
58.3 percent a year earlier, the API figures showed.

                              U.S. DELIVERIES, IMPORTS, PRODUCTION

               DEC 2012      DEC 2011      YR AGO PCT    JAN-DEC 2012   YTD PCT
                                           CHANGE                       CHANGE
 DELIVERIES                                                             
 Gasoline       8.584         8.683         -1.1          8.718          -0.4
 Kerosene/jet   1.390         1.353          2.7          1.401          -1.7
 Distillate     3.585         3.853         -7.0          3.743          -4.0
 Deliveries    18.405        18.803         -2.1         18.566          -2.0
 Exports        3.211         3.667        -12.4          3.123           4.6
 Total         21.616        22.470         -3.8         21.688          -1.1
                                                                        
 IMPORTS                                                                
 Crude oil      8.322         8.711         -4.5          8.560          -4.2
 Oil products   1.993         2.017         -1.2          1.924         -17.0
 Total         10.315        10.957         -5.9         10.517          -6.9
                                                                        
 PRODUCTION                                                             
 Crude          6.967         6.026         15.6          6.431          13.8
 Gasoline       9.070         9.128         -0.6          8.872          -2.0
 Distillate     4.899         4.919         -0.4          4.548           1.3
 Kerosene/jet   1.480         1.449          2.1          1.473           1.6
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