U.S. crude oil production in the fourth quarter will exceed imports for the first time since 1995, as booming fields in North Dakota and Texas put the nation on track to surpass a quarter-century output record.
The U.S. Energy Information Administration, the research arm of the Energy Department, said domestic crude production will be 2 million barrels a day higher than imports at the end of 2014, as oil from outside the U.S. is forecast to drop late in that year.
“This projected change is primarily because of rising domestic crude oil production, particularly from shale and other tight rock formations in North Dakota and Texas,” the agency said in a “Today in Energy” note posted on its website.
In global markets today, West Texas Intermediate oil rose after its steepest plunge in a month. Brent futures rebounded from their lowest level since December. U.S. crude stockpiles fell 413,000 barrels last week, the American Petroleum Institute said yesterday.