US oil production reaches highest level in 20 years
U.S. crude oil production increased to an average of 7.5 million barrels per day (bbl/d) in July 2013, the highest monthly level of production since 1991, according to the U.S. Energy Information Administration (EIA).
EIA said in its monthly Short-term Energy Outlook (STEO) that it forecasts U.S. total crude oil production will average 7.4 million bpd in 2013 and 8.2 million bpd in 2014, both about 0.1 million bpd higher than forecast in last month's STEO.
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The report also noted that crude oil prices increased during the first three weeks of July as world oil markets tightened in the face of seasonal increases in world consumption, unexpected supply disruptions, and heightened uncertainty over the security of supply with the renewed unrest in Egypt.
EIA said it expects the Brent crude oil spot price, which averaged $108 per barrel over the first half of 2013, will average $104 per barrel over the second half of 2013, and $100 per barrel in 2014.