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