The single state of North Dakota is now producing as much oil as Venezuela, a member of the Organization of the Petroleum Exporting Countries.
While Venezuela continues to falter under its socialist regime, North Dakota continues its historic rise in crude oil production. The sparsely populated midwestern state churned out 1.27 million barrels a day in July, according to data reported by Bloomberg. This is approximately the same level of production seen in Venezuela during the same month.
The numbers provide a snapshot of how much the industry landscape has evolved in the two places.
Much like other regions in the United States, North Dakota has experienced a shale oil boom in recent years. The advent of hydraulic fracturing has allowed North Dakota — home of the Bakken shale play — to produce oil at rates four times greater than its previous peak set in the 1980s. The state is now second only to Texas in oil production and enjoys the lowest unemployment rate in the country. – READ MORE
Thanks to American innovation and a massive shale oil boom in Texas, the United States is set to become the world’s number one producer of oil by the fall.
The massive boon to American oil independence is rooted in Texas, which houses major oilfields in the Permian Basin in the West and Eagle Ford in the South.
In fact, on its own, Texas is set to surpass Iran and Iraq — both members of the Organization of the Petroleum Exporting Countries (OPEC) — by next year, predicted a recent HSBC report. Sitting as the world’s number three producer of oil, Texas would be behind only Saudi Arabia and Russia. Moreover, by 2019, the Lone Star state is expected to provide the U.S. with over half her oil production at 5.6 million barrels a day. Daily production in Iraq is predicted to be at 4.8 million barrels a day; Iran at 3 million barrels.
Currently, the U.S. produces an estimated 10.3 million barrels a day, on a trajectory to hit 11 million barrels daily by the fall. “At that level of output, the U.S. would be the world’s top producer,” notes The Blaze. “Russia currently pumps 10.6 million barrels a day, and Saudi Arabia pumps about 10.1 million, according to the report.” – READ MORE