On Nov. 12, the International Energy Agency released its widely followed World Energy Outlook. The report projected that around 2020, the U.S. could become the largest oil producer in the world. The IEA's projections show U.S. oil production rising to 11.1 million barrels per day in 2020. Within a decade, U.S. oil imports could drop in half to just 4 mbd, according to the IEA.
I track the four-week averages of U.S. crude oil field production and imports:
Crude oil production soared to 7 mbd during the week of Jan. 18. That's the highest since early 1993. It is up nearly 1 mbd over the past 19 weeks! Crude oil imports are down roughly 1 mbd over the past seven months through the week of Jan. 18 to 8 mbd. That's the lowest since March 1998.
