US Oil Production Could Hit 10 MMbopd by 2040
U.S. crude oil production could reach approximately 10 million barrels per day (MMbopd) between 2020 and 2040, the U.S. Energy Information Administration (EIA) reported Friday.
EIA projects in its Annual Energy Outlook 2013 report that U.S. oil production could range from 6 to 8 MMbopd over the next 30 years. However, EIA also developed a higher resource scenario, driven primarily by tight oil production, in which total U.S. liquids fuels production, including crude oil, natural gas liquids (NGL), refinery gains, biofuels and other liquid fuels, rise to over 18 MMbopd in 2040, up from 12 MMbopd in the study's reference case.
This increased domestic production would reduce net imports to 7 percent of less of total demand compared to 40 percent in 2012, EIA noted.
"This increased product
Jun 15, 2013