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October 19, 2011

USA continues to edge towards 6 million barrels per day of crude oil production

The United States imported 6,557,000 barrels of oil per day for the week of October 14, 2011. This was the lowest level of imports since 1995

The United States supplied 18.3 million barrels of finished oil products per day for the week of October 14, 2011. This is a 1998 level of oil usage.

The daily crude oil production was 5.891 million barrels of oil per day for the week of October 14, 2011. This is the level of crude oil produced in 2003




The EIA's short term forecast for US crude oil production from Oct 12, 2011-

Domestic crude oil production, which increased by 110 thousand bbl/d in 2010 to 5.5 million bbl/d, increases by a further 180 thousand bbl/d in 2011 and by 70 thousand bbl/d in 2012, driven by increased oil-directed drilling activity, particularly in unconventional shale formations.

The rapid growth in U.S. ethanol production since the mid-2000s is projected to slow with total production averaging 900 thousand bbl/d in 2011 and 910 thousand bbl/d in 2012.

Crude oil production is doing better than the 2011 projection and another 110,000 barrels per day in 2012 would put the US over 6 million barrels per day. This would get the US back to crude oil production levels of 1999-2000.

The USA also has 4.1 million barrels per day of non-crude oil.

4.1 mbd of other non-crude oil supply
2.2 mbd natural gas liquids
0.9 mbd renewable fuels
0.9 mbd ethanol
1.1 mbd refinery process gain

US crude oil production could increase by 500,000 to 1 million barrels per day each year through 2015 driven by North Dakota oil, Eagle Ford in Texas and Utica Shale. 7 million barrels per day would be crude oil production in the United States that was last seen in 1993.

If the US can get to 9 million barrels per day, that would be the most crude oil the USA has ever produced.

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