This is worth some comment. The sheerspeed of the increase in North American production happens to beastonishing. That and the rapid expansion of Iraqi production endedfirmly the forty year seller's cartel. It had already beenhopelessly weakened a long time ago but now it is effectivelyirrelevant in terms of North America.
More importantly, We are able to becomeindependent of any imported oil at all. That oil will be thenreleased to the developing world who will certainly need access to itanyway.
North America is also about to swinginto a huge trade surplus which will be sustained for years and willcause a major strengthening of the US dollar. All this without doinga thing internally that could only add to improvement.
Fears of five years ago in terms of thelimits of oil production have been nicely dispelled with the adventof the accessing of tight formations and left behind oil inestablished reservoirs. We have a flood of new oil coming on stream.
Worldand US Oil Projections and recent statistics
SEPTEMBER 27, 2012
http://nextbigfuture.com/2012/09/world-and-us-oil-projections-and-recent.html
Alberta Oil Magazinehas projections of oil production for the US and Canada out to 2016.
TheOilDrum has atypically overly pessimistic view of what will happen with world, USand Canadian oil production. The figures that they are using arealready outdated for the US which has had an increase of 1 millionbarrels per day in crude oil since 2011.
USCrude oil production just reached 6.509 million barrels perday. There was a dip for several weeks because of productionshutdowns because of weather in the gulf of mexico.
All US oilliquid production is at 10.8 million barrels per day. US Imports weredown to 7.5 million barrels per day
In July, NorthDakota oil production hit 674,000 barrels per day. It will beinteresting to see what the September and October production iswhen the EIA reports US oil production is 200,000 barrels per dayhigher. Likely the increase is a mix of Texas and North Dakota andsome recovery in Alaska.
Iraq OilProduction projections through 2017
Year Exports Total Production2012 2.6 millionbpd 3.2 million bpd2013 2.9 millionbpd2014 3.5 millionbpd2015 3.75 millionbpd2016 4.5 millionbpd (NBF interpolation)2017 6.0 millionbpd
The EIA indicatesthere was a new peak in world crude oil in April, 2012 at 75.87million barrels per day
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