U.S. crude-oil production is expected to grow by 74%, or more than 4.9 million barrels per day to an average of 11.6 million barrels per day within 10 years, according to a prominent energy analytics firm.
Analysts at Bentek Energy recently issued the forecast, which was reported by MarketWatch. Bentek attributed the projected rise in petroleum production mainly to shale oil activity in the South and the Midwest. Production is projected to increase in the Eagle Ford and Bakken shale formations. The analysts also said the production climb would be accompanied by lower U.S. and Canadian oil prices.
"Not only will the projected record growth in oil production affect North America, it will have dramatic implications for global crude-oil markets," said Jodi Quinnell, Bentek oil analysis manager, in a statement. "We foresee a massive displacement of traditional waterborne oil imports to the United States by 2022, taking them from 45% of U.S. total crude supply to no more than five percent."
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