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Shale means U.S. more self-reliant on oil, OPEC says
by Daniel J. Graeber
Vienna (UPI) Oct 10, 2014

Oklahoma shale sees growing third quarter interest
Houston (UPI) Oct 10, 2014 - Oil services company Baker Hughes said Friday shale basins in Oklahoma and Colorado saw the biggest gains in wells started during the third quarter.

Baker Hughes published well data for the third quarter, finding a 5 percent increase year-on-year for wells started onshore United States.

Compared with the second quarter, the total well count increased 1 percent. The Cana Woodford shale, located dominantly in Oklahoma, had the biggest gain with 28 percent, followed by the Niobrara shale in Colorado with 10 percent and the Williston basin in North Dakota with 7 percent.

Since 2007, Oklahoma has produced more than 1 trillion cubic feet of natural gas from shale and production should increase with the emergence of the Cana Woodford play.

Niobrara was included as one of the more prominent shale basins in the United States in an April assessment from the U.S. Energy Information Administration.

The Williston basin includes the Bakken play in North Dakota, a reserve area at the heart of the U.S. shale boom.

U.S. imports into the Gulf Coast region are at six-year lows because shale output is suppressing the need for foreign oil, OPEC said in a Friday report.

The Organization of Petroleum Exporting Countries published its monthly market report, saying that despite signs of economic stagnation, its growth outlook remained static and with it are stable expectations of global oil demand.

For the United States, OPEC said the market there was becoming more self-reliant because of oil production from inland shale deposits.

"U.S. imports to the Gulf Coast have touched six-year lows in recent months as domestic shale production reduced the need for foreign crude, particularly from West Africa," the monthly market report for October read.

For the U.S. economy, OPEC said it expected acceleration in 2015.

The U.S. Energy Information Administration said in a short-term market report published Wednesday total U.S. crude oil production in September averaged 8.7 million barrels per day, the highest monthly level since July 1996.

By next year, EIA expects total U.S. crude oil production to reach 9.5 million bpd.

"If realized, the 2015 forecast would be the highest annual average crude oil production since 1970," EIA said.


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