According to a new report, the total domestic production of crude oil in the United States is set to rise by an impressive 74 per cent over the coming decade. The crude-oil production is expected to grow to an average of 11.6 million barrels per day in the coming ten years, according to Bentek Energy, which is part of Platts.
Analysts working with Bentek said that the main reason for the projected rise in oil production in the country is investments in shale gas in the Eagle Ford as well as in the mid-western U. S. and some regions of Canada. The analysts believe that the rise in production would be along with a fall in the prices of crude oil in the country.
Jodi Quinnell, Bentek oil analysis manager said in a statement that, "Not only will the projected record growth in oil production affect North America, it will have dramatic implications for global crude-oil markets."
Quinnell also said that the company believes that there will be a major shift from the traditional way of importing oil through the sea route into the country in the coming decade. It is believed that the waterborne oil imports to the US will fall to just 5 per cent from 45 per cent at present.
Bentek estimates that the total waterborne imports will fall from 6.7 million barrels per day in 2011 to less than 1 million barrels per day in 2022.
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