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
[divider][/divider]The U.S. government sees oil production further climbing next year even amid transportation logjams in the country’s most prolific shale play.
The Energy Information Administration sees U.S. crude output averaging 11.8 million barrels a day in 2019, up from its 11.76 million barrel a day estimate in the June outlook.
“In 2019, EIA forecasts that the United States will average nearly 12 million barrels of crude oil production per day,” said Linda Capuano, Administrator of the EIA. “If the forecast holds, that would make the U.S. the world’s leading producer of crude.”
U.S. crude output has remained above the 10-million-barrel a day mark since February. That’s while Saudi Arabia told OPEC it pumped about 10.5 million barrels of crude a day last month as the kingdom sought to cap rallying prices by ramping up output, according to people familiar with the matter. – READ MORE
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