TODAY IN ENERGY: Tuesday, December 16, 2013
Increased tight oil production, vehicle efficiency reduce petroleum and liquid imports
The U.S. Energy Information Administration’s Annual Energy Outlook 2014 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 close to the historical high of 9.6 million barrels per day, a record set in 1970.
Iran’s oil exports not expected to increase significantly despite recent negotiations
The U.S. Energy Information Administration does not anticipate an immediate impact on global liquid fuels supply following the November 24 agreement between Iran and the five permanent members of the United Nations Security Council plus Germany on Iran’s nuclear program. The agreement does not directly allow for additional Iranian oil sales, although it does suspend sanctions on associated insurance and transportation services to those countries already granted import waivers.