North America Could Produce a Record Amount of Oil by 2016


North America seems to be experiencing a new oil age, with production that could reach record levels by 2016, according to a report recently issued by Bentek Energy. Goldman Sachs has predicted that the United States will be the world's largest oil producer in 2017, generating 10.9 million barrels of oil per day.

Production coming from various areas including the Bakken shale, Permian Basin and Eagle Ford shale will increase production of oil by slightly more than 2 million barrels per day between 2010 and 2016, according to data collected and analyzed by Bentek Energy, a Colorado firm that monitors energy projects, The Houston Chronicle reports.

Crude production in Canada is expected to rise at a rate of 971,000 barrels during that time frame, according to the media outlet. Between the United States and its neighbor to the north, total production should be higher than the countries' combined peak production reached in 1972.

Up until recently, U.S. oil production followed a downward trajectory after 1971, the media outlet reports.