U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia

Posted by colin.hargreaves@aoc.org.au on July 10, 2014 at 1:35 AM

By Grant Smith, Bloomberg News


The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia andRussia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said.

U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world’s largest natural gas producer in 2010. TheInternational Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.

 

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U.S. oil output will surge to 13.1 million barrels a day in 2019 and plateau thereafter, according to the IEA, a Paris-based adviser to 29 nations. The country will lose its top-producer ranking at the start of the 2030s, the agency said in its World Energy Outlook in November.

Categories: Big Picture - International, News Items

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