High Production Came From .High Yields & High Inputs
Source: EIA Petroleum Supply Monthly
Notes:
- The increased production of almost 302 MB/D during the fourth quarter was due both to higher than typical yields as well as substantial increases in inputs.
- This graph shows the distillate yield pattern over the last few years. Generally yields rise in the fall to build stocks for winter distillate use. On average, the yield increase during the fourth quarter is about 2% higher than the yield average of the lowest yield months of June, July and August. (Recognize that a 1% change in yield is about a 150 MB/D change in distillate production, which is about 4% of winter demand.)
- During fourth quarter 1998, when prices and margins were very low and stocks were high, production was less than in the fourth quarter 1997. This was due mainly to the yield reduction.
- Yields during fourth quarter 2000 were almost at the record levels seen in 1996, and about 1.1% higher than fourth quarter 1999, contributing about 170 MB/D or 56% to increased production. Crude inputs were up about 530 MBD and accounted for the remaining 44% or 132 MB/D increase in production over fourth quarter 1999.