U.S. tight oil and Canadian oilsands to send North American output surging

North American crude oil production will power ahead in 2014 even as supply from other parts of the world falters, according to new estimates by the U.S. Energy Information Administration. Canada is forecast to raise crude oil and liquid fuels production by 270,000 barrels per day next year, adding to the nearly 400,000 bpd of additional output this year, to reach 4.53 million bpd by the end of 2014. “The largest area of non-OPEC supply growth is North America, where production increases by 1.4 million bpd and 1.1 million bpd in 2013 and 2014, respectively, resulting from continued production growth in U.S. onshore tight oil formations and from Canadian oil sands,” the U.S. Department of Energy’s statistical arm said in its ShortTerm Energy Outlook report published Tuesday. The U.S. is expected to add a million barrels per day this year and next, to reach 8.78 million bpd by the end of 2014. Rising U.S. production, coupled with lower domestic consumption, means its imports may contract to a 29-year-low of 5.3 million bpd in 2014.