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EIA: U.S. surpasses Russia to become world's top crude oil producer

U.S. crude oil production has increased significantly during the past 10 years.

EIA: U.S. surpasses Russia to become world's top crude oil producer


 

Washington, November 2 - Neftegaz.RU. U.S. crude oil production has increased significantly during the past 10 years, driven mainly by production from tight oil formations using horizontal drilling and hydraulic fracturing, the agency said.  

 

The U.S. saw its crude oil production hit 11.3 million barrels per day in August and is now the world's top producer, with the bigger-than-expected gain attributed to efficiencies in pipe, rail and truck transportation. Production rose from 10.9 million in July - August was the 1st time output exceeded 11 million barrels per day, the EIA said.

 

U.S. crude oil production has increased significantly during the past 10 years, driven mainly by production from tight oil formations using horizontal drilling and hydraulic fracturing, the agency said. Oil production in the U.S. had reached a previous peak in 1970, with 9.6 million barrels per day, before it started a decline to the point that crude oil output nearly halved by 2008, when increased consumption led to the need for rising imports.

 

 Hydraulic fracturing technology started to reverse the decline at that time and helped to reduce geopolitical risks, but it poses other risks. Some countries, like France and the Netherlands, as well as U.S. states, including New York and Vermont, do not allow fracking due to health concerns.

 

 The U.S. overcame production in Saudi Arabia and Russia. According to recent reports, current Saudi Arabian production is being ramped-up to 10.7 million barrels per day, from 9.9 million barrels per day. Russia's current oil production is estimated at about 11 million barrels per day. 

 


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