FINANCIAL TIMES: …The US Energy Information Administration predicted that net imports of liquid fuels, including crude oil and petroleum products, would fall to about 6m barrels per day in 2014, their lowest level since 1987 and only about half their peak levels of more than 12m during 2004-07…
The figures reflect the spectacular growth of US production thanks to the unlocking of “tight oil” reserves using hydraulic fracturing and horizontal drilling in states led by North Dakota and Texas increased resilience to crude price shocks and job creation in the oil industry…
The EIA also said it expected increased US production to put downward pressure on oil prices. It forecast that internationally traded Brent crude would drop from an average of $112 per barrel last year to $99 in 2014, while US West Texas Intermediate dropped from $94 to $91… (more)
