Corrected: Monthly US crude production to surpass imports in 2013

20 March 2013 16:12  [Source: ICIS news]

Correction: In the ICIS story headlined "Monthly US crude production to surpass imports in 2014 - EIA" dated 20 March 2013, please read the headline as "Monthly US crude production to surpass imports in 2013..." instead of "...2014..."

Correction: In the ICIS story headlined "Monthly US crude production to surpass imports in 2014 - EIA" dated 20 March 2013, please read in the first paragraph ... "US monthly crude production is expected to exceed imports in 2013..." instead of "...2014..." A corrected story follows.

HOUSTON (ICIS)--US monthly crude production is expected to exceed imports in 2013, the US Energy Information Administration (EIA) said on Wednesday.

This is the first time production will be higher than imports since February 1995.

According to the EIA, monthly crude production should be nearly 2m bbl/day more than imports by the end of 2014 when production is forecast to top 8m bbl/day, which is the highest level since 1988.

Meanwhile, net crude oil imports are expected to drop below 7m bbl/day in the same time frame.

The change in imports and production comes as domestic production is rising from shale and other tight rock formations, the EIA said.

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By: Anna Matherne
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