TODAY IN ENERGY: Tuesday, December 16, 2013
Increased tight oil production and vehicle efficiency reduce oil and liquid imports
The US Energy Information Administration’s 2014 Annual Energy Outlook Reference Case shows that recent growth in domestic crude oil and natural gas production is expected to continue for many years. In 2016, crude oil production is expected to be near an all-time high of 9.6 million barrels per day, a record set in 1970.
Iran’s oil exports are unlikely to increase significantly despite recent negotiations
The U.S. Energy Information Administration does not foresee an immediate impact on the world’s supply of liquid fuels as a result of the November 24 agreement between Iran and the five permanent members of the United Nations Security Council. more Germany on Iran’s nuclear program. The deal does not directly allow additional sales of Iranian oil, although it does suspend sanctions on related insurance and transportation services to countries that have already granted import waivers.
