North America Oil Production Growth To Outpace Demand Over Next 5 Years

Friday, January 20, 2012

U.S. and Canadian crude oil production will grow 3.1 million b/d, or 36%, over the next five years, according to a new market report issued by Bentek Energy on Friday.

The Bentek report echos similar findings in a recent BP energy outlook, which states the growth of unconventional supply, including US shale oil and gas, Canadian oil sands, and Brazilian deepwater discoveries, against a background of a gradual decline in oil consumption, will see the Western Hemisphere become almost totally energy self-sufficient by 2030.

Bentek said that the U.S. is to increase oil production by 2.2 million b/d during this time, most of which will be light or intermediate crudes.

To access a complete copy of this report, please visit www.opisnet.com.