U.S. Liquid Fuels Supply
Weather conditions in the Lower 48 states during December 2013 and January 2014 caused operational issues in key producing regions. While a temporary slowdown in well completion activity resulted in flat crude oil production during those months, much of the production slowdown is expected to be made up by accelerated completion activity over the next few months.
Aside from seasonal issues, EIA expects strong crude oil production growth, primarily concentrated in the Bakken, Eagle Ford, and Permian regions, continuing through 2015. Forecast production increases from an estimated 7.4 million bbl/d in 2013 to 8.4 million bbl/d in 2014 and 9.1 million bbl/d in 2015. The highest historical annual average U.S. production level was 9.6 million bbl/d in 1970.
Crude oil production from the Bakken formation in North Dakota and Montana averaged 0.9 million bbl/d in 2013. Production in the Eagle Ford formation in South Texas averaged 1.1 million bbl/d in 2013, reaching an estimated 1.2 million bbl/d in December 2013.
Source: EIA – Short Term Energy Outlook