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Bullish US tight oil production rise will slash imports

US tight oil production could soar to nearly 13 million barrels per day (b/d) over the next two decades, slashing its oil imports to almost zero from 2037

According to figures from the US Energy Information Administration (EIA) the country's tight oil production has risen from less than 1m b/d in 2010 to more than 3m b/d in the second half of 2013. The EIA expects this growth to continue over the next 20 years, which will, in turn, cause net US oil imports to decline until 2036, remaining at or near zero until 2040. The figures are from the EIA's High Oil and Gas Resource case - a tight oil production and import forecast. The EIA's high scenario makes several assumptions. These include assuming there will be significant technology improvements over the next 20 years which will drive down costs and enable wells to be placed closer together. I

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