American Petroleum Institute - Investment & Finance Definition
The primary U.S. oil industry trade association, based in Washington, D.C. API conducts research and sets technical standards for industry equipment and products, from wellheads to retail outlets. It also compiles statistics that are regarded as industry benchmarks. A widely watched statistics is its weekly stock report that shows what crude oil inventories are and how much product has been imported. The API also reports data for derivative products, such as gasoline.