U.S. oil output to surpass Saudi and Russia combined by 2025

Anadarko Petroleum Corp. photo

 

Driven by a continued shale boom, the United States is on track to produce more crude oil and liquids than Russia and Saudi Arabia combined by 2025, an energy consultancy said.

In 2018, the U.S. passed Russia and OPEC-leader Saudi Arabia to become the largest crude oil producer.

America’s momentum, led by a shale boom centered around the Permian Basin, is expected to continue if crude oil prices stay above the $50 mark, Rystad Energy said on Jan. 24.

U.S. oil output is expected to rise to a new record of more than 12 million barrels per day in 2019, according to the Energy Information Administration.

Rystad said that U.S. liquids output will likely surpass 24 million barrels per day over the next six years, assuming average U.S. crude prices of $58 a barrel during the period.

Full article: U.S. oil output to surpass Saudi and Russia combined by 2025 (World Tribune)

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