Oil Daily
US, Canadian Oil Production Set to Surge to Record Levels

Monday, January 23, 2012

Oil production in the US and Canada is projected to grow by more than 3.1 million barrels per day, or 36%, over the next five years as advances in technology allow producers to recover ever-increasing volumes of crude from liquids-rich shale plays in the US and the oil sands in Alberta.

A report from Bentek Energy, titled Crude Awakening: Shale Boom Hits Oil, forecasts that the combined oil production of the US and Canada will reach 12.1 million b/d by 2016, surpassing the record of 11.2 million b/d which was set in 1973 and still stands today.

Bentek said that as a result of the boom in North American oil production, the US could see a 41% drop in the amount of oil it imports from foreign countries (excluding Canada) to an average of just 3.9 million b/d. However, imports of Canadian oil to the US are projected to rise by 900,000 b/d to 3.1 million b/d.

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