North Dakota Oil Production Could Outpace Imports From Iraq, Kuwait And Russia Combined
BISMARCK, ND – According to a new study from the Western Energy Alliance, North Dakota oil production could soon outpace imports from oil-rich nations like Russia, Iraq and Kuwait.
“The Bakken formation spanning North Dakota and Montana will lead oil production in the region, with an expected 685,000 barrels of oil and condensate a day by 2020,” the group states in a press release referring to a study done by EIS Solutions. “Combined with other western production, North Dakota will help lead the way in generating 1.3 million barrels of domestic oil production a day by the year 2020, which is more than the current amount of oil imported from Russia, Iraq and Kuwait combined.”
The study also indicates that investment in North Dakota due to oil production could increase to $58 billion annually by 2020 creating 16,000 more jobs in the state.
Just to put that into perspective, Russia, Kuwait and Iraq are numbers 1, 10 and 12 on the list of top global oil producers though to be clear not all of the oil they export comes to America.Tags: North Dakota News, oil