Russia and Saudi Arabia were left far behind.
USA are currently the largest oil producer in the world, likely surpassing Russia and Saudi Arabia.
In February, production in the United States has exceeded that of Saudi Arabia for first time in over 20 years. In June and August, production in the U.S. exceeded production in Russia for the first time since February 1999, according to estimates by the Ministry of energy.
“Although EIA does not publish projections of oil production for Russia and Saudi Arabia under the short-term forecast, management expects production in the U.S. will continue to outstrip production in Russia and Saudi Arabia in the remaining months of 2018 and for 2019,” – said in the document.
Manufacturing in the United States, especially “light” varieties, has grown rapidly since 2011. A significant part of the rise came, in particular, the Permian basin in West Texas and Eastern new Mexico, and the Gulf of Mexico.
The decline in oil prices in mid-2014 has led to the fact that the company temporarily reduced production volumes.
“However, after the price increase in early 2016, investment, and production began to rise later that year. For comparison, Russia and Saudi Arabia in recent years has maintained a relatively stable rate of increase of oil production,” notes EIA.
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