BENTEK: U.S. crude oil production forecast to grow 74% by 2022, crude overseas imports to drop 87%

PRLog (Press Release) - Aug. 30, 2012 - EVERGREEN, CO (August 30, 2012) – BENTEK Energy, a leading energy markets information and analytics company, forecasts in the North American Perspective section of its Crude Awakening: Shale Boom Hits Oil Market Alert that U.S. crude oil production will grow 74%, or 4,906 Mb/d, over the next 10 years to an average of 11,553 Mb/d in 2022.  This record growth will have dramatic implications for both the North American and global crude oil markets.  Over the next decade, Canadian imports to the U.S. are expected to grow substantially, providing more than 80% of the total crude imported by 2022.  These supply changes will result in massive displacement of waterborne oil imports into the U.S.  By 2022, waterborne imports are expected to plummet to only 874 MMb/d compared to 6,656 Mb/d in 2011.

BENTEK’s Market Alert also forecasts that U.S. and Canadian oil prices will remain under downward pressure relative to international benchmarks.  Outright WTI prices are expected to fall as much as $16/bbl by the end of 2017, with LLS disconnecting from Brent crude prices as light crudes compete for market share in the Gulf Coast.

BENTEK’s new North American Perspective section of the Crude Awakening: Shale Boom Hits Oil Market Alert series includes 10-year crude oil supply and demand forecasts for the U.S. and Canada, including regional production, overseas imports, regional inflows/outflows, refining demand projections and an examination of crude oil transportation constraints. This Market Alert provides comprehensive analysis of how growing crude oil production will influence overseas imports to the U.S. and price spreads to global benchmarks.  

For more information about BENTEK’s Crude Awakening: Shale Boom Hits Oil or BENTEK’s Crude Oil Balances, go to http://www.bentekenergy.com or call 1-888-251-1264.  

Learn more about BENTEK's Crude Awakening: Shale Boom Hits Oil Market Alert: http://www.bentekenergy.com/CrudeAwakening.aspx#2012

Learn more about BENTEK's Crude Oil Balances: http://www.bentekenergy.com/CrudeOilBalances.aspx

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