17 April 2013 17:45 [Source: ICIS news]
HOUSTON (ICIS)--Higher domestic production of petroleum products and weakening consumption rates has will allow the US to increase its net exporter through 2040, a US government agency said on Wednesday.
The net import share of US petroleum and other liquids consumption has fallen each year since 2005 and will continue to decline through 2020, while still providing about one-third of total US supply, according to the US Energy Information Administration (EIA).
“As a result of increased production of domestic petroleum, primarily from tight oil formations, and a moderation of demand growth with tightening fuel efficiency standards, the import share of total supply declines,” the EIA said in its Annual Energy Outlook.
Accordingly, the US will become a net exporter of petroleum products, with net exports increasing from 300,000 bbl/day in 2011 to 700,000 bbl/day in 2040, the EIA said.
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