US oil output set for biggest ever leap

Output: fields like the Bakken are pushing up US oil production

AFP/Scanpix

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By News wires

 08 January 2013 22:04 GMT

US crude production is expected to rise by the largest amount on record in 2013 and is set to soar by almost a quarter over the next two years, the Energy Information Administration said on Tuesday.

The EIA, the independent statistical arm of the Department of Energy, said US crude production would grow by 900,000 barrels per day this year to 7.3 million bpd, Reuters reported.

The agency's forecast in the monthly Short-Term Energy Outlook is 300,000 bpd higher than its estimate in December, according to the news wire.

While the rate of increase is seen slowing slightly in 2014 to 600,000 bpd, the total jump in US oil production to 7.9 million bpd would be up 23% from the 6.4 million bpd pumped domestically in…

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