How America Became The World’s Biggest Crude Oil Producer
It is no longer Russia or Saudi Arabia that produces the highest amount of oil. It is the United States of America.
In the week ending November, the U.S. crude production hit a whopping 11.6 million barrels per day, bpd according to Energy Information Administration (EIA) data released on Wednesday.
That’s a threefold increase from the U.S. low reached a decade ago, and a 22.2% rise just this year. It makes the United States the world’s biggest producer of crude.
Russia pumps an average of 10.8 million bpd and Saudi Arabia, about 10.5 million bpd.
More U.S. oil will likely come. The EIA expects output to break through 12 million bpd by mid-2019, largely thanks to a surge in shale oil production.
The record US production has been a moderating factor of oil prices, although oil got a bump on Thursday after a record Chinese crude imports eased concerns that a slowdown in the world’s No. 2 economy could stoke an emerging fuel glut.
However, oil markets were held back somewhat after the United States became the world’s top crude producer as its output hit record levels.
Front-month Brent crude oil futures were at $72.27 a barrel at 0800 GMT, up 21 cents, or 0.3%, from their last close.
Don't forget to share this story with your friends.