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More oil coming from non-OPEC members

Most oil growth coming from outside OPEC, U.S. says.

By Daniel J. Graeber
More oil production coming from outside the OPEC cartel, EIA says. UPI/Maryam Rahmanian
More oil production coming from outside the OPEC cartel, EIA says. UPI/Maryam Rahmanian | License Photo

WASHINGTON, April 9 (UPI) -- Most of the growth in petroleum and other liquid fuel supplies comes from countries outside of OPEC, the U.S. Energy Information Administration said.

EIA said it projects petroleum and other liquids supply to increase by 1.4 million barrels per day in 2014 and 1.3 million bpd in 2015, with most of the growth coming from North America.

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In its short-term market report for April, EIA said it expects production from members of the Organization of Petroleum Exporting Countries to fall by 200,000 bpd in 2014 and in 2015, in part because of rising production elsewhere.

EIA's report, released Tuesday, didn't take into account a Libyan deal that opened export terminals blocked by rebel leaders in the east of the country.

For North America, EIA said it expects strong crude oil production from the Bakken oil formation in the Northern Plains states and the Permian basin in southern states. Total U.S. oil production should reach 8.4 million bpd this year and 9.1 million bpd in 2015.

The highest historical average for U.S. oil production was 9.6 million bpd in 1970.

EIA said global oil consumption averaged 90.4 million bpd last year and should grow by 1.2 million bpd in 2014 and another 1.4 million bpd in 2015.

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