U.S. shale oil production to peak in 2021 at 4.8 mln bpd-EIA
NEW YORK Dec 16 (Reuters) - Production from shale formations in the United States, which has led to an unexpected reversal in long declining oil output, will peak at 4.8 million barrels per day (bpd) in 2021, according to an Energy Information Administration forecast issued on Monday.
This year is the bumper year for production out of the tightly packed shale rock. Output should rise by 1.2 million bpd, the highest annual jump, to 3.5 million bpd this year, according to tables in the EIA's Annual Energy Outlook.
Production will exceed 4 million bpd next year and rise more gradually toward its peak. It will fall to 3.2 million bpd by 2040.
Last year, the EIA expected shale oil production to peak in 2020 at 2.8 million bpd with this year's production at 2.3 million bpd. (Reporting by Sabina Zawadzki; Editing by Bob Burgdorfer)
- Tweet this
- Share this
- Digg this
- UPDATE 4-Korea ferry businessman's body found next to book, alcohol bottles
- UPDATE 2-China's Xiaomi hopes Mi 4 smartphone can take on Apple
- Italy gives Google 18 months to change data use practices
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- India to probe corruption in healthcare after TV sting
Consumer Confidence Index
More than half of consumers globally expect job prospects to be good to excellent in the year ahead, a survey showed on Tuesday. India overtook Indonesia as the most optimistic consumer market, while Portugal and Slovenia were the most pessimistic. Full Article
India keeps world guessing in countdown to landmark trade pact deadline. Full Article
Yahoo to buy analytics startup Flurry to bolster mobile ad business. Full Article