The US Energy Department’s Energy Information Administration (EIA) has reported that average domestic production for 2012 will come in around 6.4million barrels per day, which is 800,000bpd up on the prior year.
And, with as shale gas and oil production now soaring, the IEA estimates that the average for 2013 will come in around 7.1million bpd . . . the highest annual average since 1992.
It said that the 13% rate of growth in output last year is the fastest since the commencement of commercial oil production in the 1850s.