U.S. Poised to Surpass Saudi Arabia as World's Top Crude Oil Producer
https://www.breitbart.com/jerusalem/2018/07/12/u-s-poised-to-surpass-saudi-arabia-as-worlds-top-crude-oil-producer/
https://www.breitbart.com/jerusalem/2018/07/12/u-s-poised-to-surpass-saudi-arabia-as-worlds-top-crude-oil-producer/
Quote:
Soaring domestic production levels means the U.S. is ready to pass both Saudi Arabia and Russia to reclaim the title of the world's biggest crude oil producer. It last held that position in 1974.
The U.S. Energy Information Administration made the forecast and predicts that U.S. output will grow next year to 11.8 million barrels a day. The rise comes on the back of U.S. innovation in the field of hydraulic fracturing, or fracking, and horizontal drilling.
As a consequence, American oil imports could drop as low as 1.6 million barrels a day, which would be the lowest level since 1958.
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In March, the International Energy Agency made the same prediction, observing American oil production will soar over the next five years, supplying much of the world's growing demand for oil.
U.S. production of crude oil, condensates, and natural gas liquids will rise to 17 million barrels a day by 2023, up from 13.2 million in 2017, according to IAE's forecast. As a result, U.S. production will supply around 80 percent of the increased global supply of oil, which the IAE sees rising 6.4 million barrels per day to 107 million barrels a day.