US crude output continues spike

Offshore-drilling-rig11 July 2013, News Wires – US produced 7.4 million barrels of crude in the week of 5 July, a level not seen since 1991, according to the latest government data.

The US Energy Information Administration said the figure represented a 16.5% jump from the 6.2 million barrels produced a year ago as mega shale plays including Texas’ Eagle Ford and North Dakota’s Bakken continued as production powerhouses.

Proportionately, crude imports dropped 11.9% to 7.91 million barrels.

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