2013 U.S. Crude Oil Production Expected to Reach 20-Year High

Business Insider’s Chart of the Day uses data from the Energy Information Administration’s Short-Term Energy Outlook to illustrate the EIA’s projection for U.S. crude oil production.  2012 production is 6.3 million barrels per day (bbl/d).  The EIA predicts 2013 production will rise to its highest level in twenty years: 6.8 million bbl/d.  And while OPEC production represents 40% of the world’s oil supply, the EIA predicts OPEC production to drop significantly in 2013.  On the other hand, the Administration forecasts 2013 North American production to rise more than any other oil-producing region in the world.  The EIA also predicts global oil consumption to rise 0.9 million bbl/d to 89.94 million bbl/d.  Roughly half of this increase is due to Chinese oil consumption, which is predicted to climb 0.76 million bbl/d.
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