U.S. Poised to Surpass Saudi Arabia as World’s Top Crude Oil Producer

Latest news

    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.

    “If the forecast holds, that would make the U.S. the world’s leading producer of crude,” says Linda Capuano, who heads the agency, a part of the Energy Department.

    Saudi Arabia and Russia could upend that forecast by lifting their own production. In the face of fluctuating global oil prices, members of the OPEC cartel and a few non-members including Russia agreed last month to ease production caps that had contributed to ramping prices.

    President Donald Trump has urged the Saudis to open their taps to contain rising prices. He tweeted on June 30 that King Salman agreed to boost production “maybe up to 2,000,000 barrels.”

    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.

    View the original article: http://feedproxy.google.com/~r/breitbart/~3/ZsrshkzHr5s/

    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.

    Follow Simon Kent on Twitter: or e-mail to: skent@breitbart.com

    In the same category are

    Chuck Grassley Gives Kavanaugh’s Accuser More Time After Missed Deadline Senate Judiciary Committee chairman Chuck Grassley granted another extension to Christine Blasey Ford, the California psychology professor who recentl...
    Future of Political Discourse at Stake: Farage Calls for Social Media ‘Bill of Rights’ to End Bias Nigel Farage has called for a Bill of Rights for social media users after tech giants were exposed for their bias against conservatives. Mr Farage tol...
    Donald Trump: Sen. Claire McCaskill ‘Loves the Swamp’ President Donald Trump criticized Sen. Clare McCaskill on Friday for her voting record in Washington, DC. “Claire McCaskill will never ever vote our w...
    Trump: Get Out and Vote in the Midterms ‘Because You’re Voting for Me in 2018’ President Trump delivered a rousing appeal to his supporters to get-out-the-vote for Republican candidates at a rally in Springfield, Missouri on Frid...
    Sen. Cory Booker Admitted to ‘Groping’ Female Friend at 15 A Star-Ledger columnist has revisited a piece written by New Jersey Sen. Cory Booker, in which he admitted to “groping” a female friend at age 15. On ...
    Kavanaugh Accuser’s Lawyers Refuse to Meet Grassley’s Final Deadline UPDATE: Approximately 90 minutes after the expiration of the 10:00 p.m. deadline, Chairman Grassley took to Twitter, where he made clear that, despite...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.