THE United States Department of Energy says monthly crude oil production in the nation is expected to exceed the amount of crude oil imports later this year
US crude output on track to overtake imports: US Energy Department
THE United States Department of Energy says monthly crude oil production in the nation is expected to exceed the amount of crude oil imports later this year for the first time since February 1995.
The gap between monthly crude oil production and imports is projected to be two million barrels per day by the end of next year, according to the Energy Information Administration's (EIA) March 2013 Short-Term Energy Outlook.
EIA projects: Monthly crude oil production could surpass net crude oil imports later this year; monthly crude oil production is forecast to top eight million barrels per day in the fourth quarter of 2014, which would be the highest level since 1988, and net crude oil imports are expected to fall below seven million barrels per day in the fourth quarter of 2014.
This projected change is primarily due to rising domestic crude oil production, particularly, from shale and other tight rock formations in North Dakota and Texas.
But the EIA points that the timing of the crossover between US crude oil production and net crude oil imports could change, based largely on supply conditions. For example, supply would fall if a strong 2013 hurricane season disrupts US offshore oil production, or increase if there are higher-than-expected increases in tight oil production.