US 'likely' has taken over as the world's top oil producer

Irving Hamilton
September 13, 2018

Pumpjacks work in a field near Lovington, N.M., in 2015. The United States may have reclaimed the title of the world's biggest oil producer sooner than expected. "In June and August, the United States surpassed Russian Federation in crude oil production for the first time since February 1999", writes the report.

The United States energy sector continued to smash expectations under President Trump in 2018, with new reports claiming the US is now likely the world's largest exporter of crude oil. Much of the recent growth has occurred in areas such as the Permian region in western Texas and eastern New Mexico, the Federal Offshore Gulf of Mexico, and the Bakken region in North Dakota and Montana. The practice is controversial, however. The report notes US crude production in February outstripped Saudi Arabia's for the first time in over 20 years.

Saudi Arabia has the chance to regain Asian market share after at least three North Asian refiners have asked to receive extra supplies of Saudi oil for October as they are concerned that the returning USA sanctions on Iran will limit supply just as winter demand begins, Reuters reported on Tuesday, citing sources. 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. By comparison, Russian Federation and Saudi Arabia have maintained relatively steady crude oil production growth in recent years.

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Saudi Arabia's crude oil and other liquids production data are EIA internal estimates.

While Saudi Arabia is poised to boost supplies to Asia, Iran's sales in the world's fastest-growing oil-importing region have started to drop.

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