US ‘Likely’ Has Taken Over as the World’s Top Oil Producer

US ‘Likely’ Has Taken Over as the World’s Top Oil Producer

The United States this year became the largest crude oil producer, surpassing Russian Federation and Saudi Arabia, according to preliminary estimates from the Energy Information Administration.

Thanks to the fracking boom, United States oil production has topped more than 10 million barrels per day this year - a first since the 1970s, Reuters reported. The practice is controversial, however.

Oil market observers say fracking is a major reason why oil producers have increased output.

Although EIA does not publish crude oil production forecasts for Russia and Saudi Arabia in STEO, EIA expects that USA crude oil production will continue to exceed Russian and Saudi Arabian crude oil production for the remaining months of 2018 and through 2019.

Earlier this week, in its Short-Term Energy Outlook, the EIA estimated that US crude oil production at 10.9 million bpd in August, an increase of 120,000 bpd from June.

The EIA estimated that US crude production has risen to 10.9 million barrels-per-day and could average at 11.5 million next year.

The Gulf of Mexico and Texas will continue to lead the way in US production, with Texas-and more specifically the Permian-shining particularly bright.

Conditions are ripe for a further increase in USA production. The pace of drilling slowed after oil prices tumbled starting in 2014, but roared back as operators learned to produce oil more efficiently and crude prices rebounded.

In response, Russian Federation said it's ready to boost output by 300,000 barrels-per-day in order to maintain its leadership in global oil production.

The U.S. led the world in oil production for much of the last century until the Soviet Union and later Saudi Arabia passed it during the 1970s.

That assessment confirms an International Energy Agency prediction in March that America would soon be No. 1, and it should keep that slot through 2019, at least.

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