Crude oil production in the United States is projected to grow by 74%, or more than 4.9 million barrels per day (MMb/d), during the next 10 years to an average of 11.6 MMb/d by 2022, according to a new report from the energy data analysis firm, Bentek Energy®. According to the report, U.S. waterborne imports will likely plummet to less than one MMb/d by 2022, compared to 6.7 MMb/d in 2011. Bentek analysts say the projected rise in U.S. petroleum production – largely driven by shale oil activity of the Eagle Ford and Bakken plays in mid-western U.S. and parts of Canada – will be accompanied by lower U.S. and Canadian oil prices relative to international oil benchmarks. Read more...
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