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US pumps up oil production volumes by 13.9%

The US is leading the way in oil and gas production growth

Led by the rapid rise of onshore drilling, the US continues to lead the world in oil and gas production growth, according to BP’s 2013 Statistical Review of World Energy. At 1.1 million barrels a day (b/d), US oil output rose 13.9% in 2012 - the fastest since BP began keeping records in 1965 - and accounted for more than half of global oil production growth of 1.9m b/d. US natural gas production increased by 4.7% to 681.4 billion cubic metres (cm), accounting for more than 20% of the world’s gas production. By now the transformation of the US exploration and production sector is well documented. What’s less clear is the effect it will have on global energy balances. The statistical review pr

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