For the first time in 45 years, oil production in the United States has exceeded that of Saudi Arabia and Russia. In subsequent years, the United States intends to keep leadership in oil production.
United States for the first time in 45 years has become the world leader in oil production. As reported by the energy information Administration of the USA on Thursday, September 13, the volumes of produced fuel America has overtaken Saudi Arabia and Russia.
“In February, crude production in the U.S. exceeded the volume of oil production in Saudi Arabia for the first time in more than two decades. In June and August, the U.S. surpassed Russia in production of crude oil for the first time since February 1999”, – stated in the message.
Experts on the economic information believe that by the end of 2018 and in subsequent years, crude oil production in the U.S. will exceed its production in Saudi Arabia and Russia. At the same time it is noted that projections are based on preliminary estimates.
As explained in the report of the energy information Administration of the United States, in mid-2014 the price of oil fell, with U.S. producers reduced their costs and temporarily reduced oil production.
“However, after the price increases in early 2016 investment and production began to rise. However, Saudi Arabia and Russia have maintained a relatively stable level of oil production growth over the past years.”
The United States was the world leader in oil production until 1973.
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