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November 15, 2012

US Oil Production near term and long term

US crude oil production is up to 6.709 million barrels per day and other oil liquids are at 4.332 million barrels per day. The combined US oil liquids production is 11.041 million barrels per day.

Technology Review - The United States could see a surge in oil production that could make it the world’s leading oil producer within a decade, according to a new report from the International Energy Agency. But that lead will likely be temporary, and it still won’t allow the United States to stop importing oil. Barring technological breakthroughs in oil production and major reductions in consumption, the United States will need to rely on oil from outside its borders for the foreseeable future.

U.S. production had fallen from 10 million barrels a day in the 1980s to 6.9 barrels per day in 2008, even as consumption increased from 15.7 million barrels per day in 1985 to 19.5 million barrels per day in 2008. The IEA estimates that production could reach 11.1 million barrels per day by 2020, almost entirely because of increases in the production of shale oil, which is extracted using the same horizontal drilling and fracking techniques that have flooded the U.S. with cheap natural gas.

At the end of 2011, 8.1 million bpd from crude oil and natural gas liquids.
Now 9.076 million bpd from crude oil and natural gas liquids.

From the most recent week
6.709 million bpd crude
2.367 million bpd from natural gas liquids





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