UPI | Daniel J. Graeber
According to the IEA, foreign interest is growing for U.S. oil.
Most of the oil coming from U.S. shale basins will find its way out of the domestic market and into the Asian and European economies, analysis finds. The U.S. federal government estimated total crude oil production averaged 10.4 million barrels per day in March and most of that is coming out of inland shale basins like the Permian play in Texas and the Bakken field in North Dakota. Total crude oil production for 2018 is expected to be 10.7 million barrels per day on average, the highest level ever, and reach 11.4 million barrels per day by next year. According to the International Energy Agency, shale oil growth from the United States will put at least 3 million barrels per day of lighter oil on the market over the next few years. With the country now an oil exporter, and with new pipeline projects transmitting to southern port terminals, most of that new oil won’t be in the United States, the world’s leading economy, but in the foreign market.
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Sanchez Energy News
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