The US Department of Energy Information Administration (EIA) has advised that it expects crude oil production in the United States to increase this year to its highest annual volume on record.
The EIA says in its monthly Short-Term Energy Outlook that in the next two years, US oil output will grow by about a quarter, that in this year alone it anticipates a 900,000 barrels per day increase to 7.3million bpd – 300,000 bpd more than was predicted in December.
The agency said its present view is that the rise in output in 2014 will be about 600,000bpd for a total increase over 2012’s 6.4million bpd of 23% to a total of 7.9million bpd – a huge growth of 40% from 2011 and almost 50% since 2001.