PR: Oil experts predict domestic supply will outstrip imports in US next year
American oil supplies aren’t expected to subside any time soon.
The world’s largest oil consumer is currently considered to be amply supplied, though stockpiles dipped slightly this week.
And a new report predicts that, due to rising production in North Dakota and Texas, growing domestic supplies will outweigh imports.
A report from America’s Energy Information Administration predicts domestic oil production will reach 8mln barrels by the end of next year, while at the same time imports will dip below the 7mln barrel mark.
Meanwhile, on Thursday, crude oil prices stepped back in day-to-day trading.
In London, Brent crude futures dipped 55 cents a barrel to trade at US$108.10, meanwhile America’s West Texas Intermediary futures fell below the US$93 marker – down 73 cents at US$92.80.
In the stock market, BP confirmed this afternoon that it has completed the sale of its 50% stake in its Russia joint venture.
It has banked almost US$12.5bn from the sale of the TNK-BP stake to Rosneft, and it has also in turn now spent US$4.87bn buying 5.66% of Rosneft.
