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US oil output to surpass imports this year – EIA

The US will become a net oil exporter late this year as domestic crude production surpasses imports for the first time in 18 years, the Energy Information Administration said Wednesday.

Helped by a surge in shale-based output in North Dakota and Texas, monthly crude production has pushed past seven million barrels a day and could reach eight million barrels a day by the beginning of 2014.

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