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Tight oil bonanza

US oil production will rise by another 1 million barrels a day in 2014, defying sceptics and suggesting the tight oil surge still has momentum

US OIL output keeps hitting new milestones. In November 2013, the country’s output rose above 8 million barrels a day (b/d), reaching levels not seen since 1987. For the year, production should average more than 7.5 million b/d, or the highest it has been since 1990. Once other liquids such as natural gas liquids (NGLs) and condensate are added, production is well above 11 million b/d. Far from exhausting the potential of shale oil fields, US producers are learning to drill wells more quickly and more cheaply, freeing up capital for more drilling and research into ever more efficient production techniques. As a result, strong growth is widely expected in 2014. On an annual basis, oil output

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