Demand for oil and gas in the US will climb this year, bolstered by improving economic conditions. US crude oil and lease condensate production is expected to rise 13.8% to 7.4 million b/d in 2013. The rise in production will more than offset the increase in demand, pushing imports down.
Worldwide oil demand will grow 0.9%, and global oil supply will climb 0.8%. Demand from China will post the largest increase. North American members of the Organization for Economic Cooperation and Development—Canada, Mexico, and the US—will contribute most of the output growth. Oil supply from members of the Organization of Petroleum Exporting Countries will slip to an average 37.3 million b/d this year from 37.6 million b/d last year………………………………..Full Article: Source