US imports into the Gulf Coast region are at six-year lows because shale output is suppressing the need for foreign oil, The Organization of Petroleum Exporting Countries (OPEC) said in a report.
OPEC 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, Oil and Gas Daily reported. For the United States, OPEC said the market there was becoming more self-reliant because of oil production from inland shale deposits.
"US 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. The US Energy Information Administration said in a short-term market report published last week total US 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 US 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.
