US crude production to hit 20-year high in 2013 − agency

06 November 2012 20:11  [Source: ICIS news]

HOUSTON (ICIS)--Total crude oil production for 2013 in the US will hit the highest level since 1993, a government agency said on Tuesday.

Projected US domestic crude oil production increased to 6.8m bbl/day in 2013, the highest level of production since 1993, the US Energy Information Administration (EIA) said in its Short Term Energy Outlook.

West Texas Intermediate (WTI) crude oil prices will average $89/bbl in the fourth quarter of 2012, which is $4/bbl lower than the EIA’s previous monthly outlook. The Brent crude oil price is expected to average about $1/bbl less than in October’s forecast at about $110/bbl over the same period.

Furthermore, the EIA projected US regular gasoline retail prices will average $3.56/gal during the fourth quarter of 2012, lower than October’s outlook.

In the EIA’s previous outlook, the organisation projected regular gasoline retail prices would average $3.60/gal during the fourth quarter of 2012.

The 2013 average for a gallon of gasoline held at $3.44/gal for both the October and November monthly outlooks.

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By: Anna Matherne

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