2014 Oil Estimates
Texas looks to be a record year for oil production in the lone star state. As reported by OilPrice.com, Texas oil production is increasing rapidly, and estimates for 2014 predict that output of more than 2.7 million barrels per day will push Texas’ production above OPEC members Nigeria (2.524 bpd), Venezuela (2.489 bpd) and Algeria (1,875 million bpd.).
The news arrives as University of Texas at San Antonio Institute for Economic Development Research Director Thomas Tunstall, an expert on the Eagle Ford shale deposit, told the annual meeting of the South Texas Energy and Economic Roundtable that next year’s output from the Eagle Ford shale deposits and the Cline shale fields in the Permian Basin in west Texas would surpass 1 million barrels a piece per day, which is up from their current rate of 650,000 bpd, which will help Texas alone to produce more oil than several nations who are current OPEC members.