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In 2014 US oil production growth broke the record of early 1990s

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сша-оилLast year the US has broken the record of the oil production. Thanks to the shale revolution, the volume of production increased by 1.2 million barrels a day and reached 8.7 million barrels a  day in 2014, according to the Energy Information Administration (EIA). This is the fastest pace of production growth since the 1900s, when EIA started collecting data, writes Financial Times.

 The fastest growth has happened thanks to North Dakota, Texas and New Mexico, where use of the method of hydraulic fracturing of the bed in the shale deposits in the past six years has turned the US from a net oil importer into a net exporter, writes FT.

A stable growth of oil production in the US has become one of the reasons of slump of world oil prices. Now US have the highest oil resources for more than 80 years. According to EIA, almost 70% of oil storages of the country have been filled.

 According to EIA, this year oil production will keep on growing, but next year the pace of growth is not expected to be as high as in 2014, when it  constituted 16% – a record index since the 1990s.

 “The annual crude oil production will grow slower – by 8.1% this year and by 1.5% next year, according to the latest short-term forecast of EIA,” reads the report.

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