U.S. oil production is forecast to grow by 74 percent over the next 10 years, fed by a boom in harvesting crude from dense rock formations across the country, according to a new analysis released today.
The report by Platts’ energy data unit Bentek Energy, says the increased domestic production will dovetail with a decline in waterborne imports from 6.7 million barrels per day in 2011 to less than 1 million barrels per day in 2022.
“We foresee a massive displacement of traditional waterborne oil imports to the United States by 2022, taking them from 45 percent of U.S. total crude supply to no more than 5 percent,” said Jodi Quinnell, Bentek oil analysis manager in a release summarizing the report.
Other analysts, such as those at Citigroup, have been similarly bullish in recent months. Almost all tie the projected spikes in crude projection to development from shale and other so-called “tight” plays.
According to Bentek, the decade-long increase in domestic crude supply will also send oil prices down in North America compared to other parts of the world.