Sunday, February 3, 2019
Another Trump Miracle: US Predicted to Drill More Oil Than Saudi Arabia and Russia Combined by 2025!
Another Trump Miracle – the US is now the largest oil producer in the world. In fact, at the end of the next 5 years the US will be producing more than Saudi Arabia and Russia combined. Back in September, the US reportedly became the world’s largest producer of oil.
The US likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). In February, US crude oil production exceeded that of Saudi Arabia for the first time in over 2 decades. In June and August, the US surpassed Russia in crude oil production for the first time since February 1999.
Although EIA doesn't publish crude oil production forecasts for Russia and Saudi Arabia in STEO, EIA expects that US crude oil production will continue to exceed Russian and Saudi Arabian crude oil production for the remaining months of 2018 and through 2019.
US crude oil production, particularly from light sweet crude oil grades, has rapidly increased since 2011. 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.
Oil and Gas Investor.com released their numbers a week ago and oil's king in the US.
The US is on track to produce more crude oil and liquids than Russia and Saudi Arabia put together by 2025, consultancy firm Rystad Energy said January 24. US liquids output's expected to surpass 24 million barrels per day (bbl/d) over the next 6 years, Rystad said, assuming average US crude prices of $58 a barrel during the period.
The growth in US liquids production will be driven by major shale basins such as the Permian Basin in parts of Texas and New Mexico, the report said.
"US growth potential could be slowed if oil prices slide below our base case for extended periods but, as long as average prices stay above $50, positive US production tendencies will persist," Rystad analyst Artem Abramov said.
US edged past Russia and OPEC-leader Saudi Arabia to become the largest crude oil producer last year, helped by a shale boom centered around the Permian Basin.
President Trump opened up the US for drilling for oil by eliminating unnecessary regulations hindering drilling at home. As a result the US is becoming richer and more energy independent. It's miraculous that the US is in this situation in only a few years.
at 7:39 AM