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EIA: US oil production reaches all time high in 2014

by ChemOrbis Editorial Team - content@chemorbis.com
  • 31/03/2015 (11:49)
According to data released by US Energy Information Administration (EIA), the country’s oil production increased 16.2% to reach 8.7 million barrels per day (bpd) in 2014 despite lower crude oil prices. US oil production increased 1.2 million bpd in 2014, posting the highest rate of increase since 1900, when data started to be recorded.

The increase was attributed to higher production from North Dakota, Texas and New Mexico, where oil is derived from shale gas.

Previously, the EIA reported that they raised their 2015 forecast for oil production in the US to 9.35 million barrels per day (bpd) in 2015, an upward revision from last month’s forecast of 9.3 million bpd. However, for 2016, the EIA revised its forecast for US oil production downwards to 9.49 million bpd from a previous estimate of 9.52 million bpd.
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