Friday, 19 Apr 2019

For the first time after decades, US crude oil production surpasses Iranian and Iraqi oil production


IllustrationIllustration - After 45 years, United States (US) is focusing again on managing its crude oil to bethe largest in the world. In 1973, the predicate had achieved by the US.


The Institute for Energy Information Administration (EIA) said Texas is the center production of shale oil. Production in the Permian Basin field in West Texas increased until February 2018 and US has passed Saudi Arabia's position for the first time in more than two decades. Quoted from on Thursday, September 13th 2018.


EIA also mentioned that oil companies such as BP and Exxon Mobil have spent billions of dollars of investment in recent years to reap profits from production in Permian Basin.


So, now Texas is getting closer to overtake Iraqi or Iranian oil production. If this is true, then Texas will become the third largest oil producer in the world.


In a statement released by US Department of Energy, this fact shows an increase in the production of US shale oil in terms of the global energy landscape.


In the past decade US crude oil production has doubled. In June and August 2018 alone, US oil production surged to almost 11 million barrels per day (bpd). Mentioned in CNN Money, September 13th 2018.


That number according to EIA makes US position is above Russia for the first time. And it is predicted that US oil producers will surpass Russia and Saudi Arabia in 2019.


"This is a historical footing and a reminder that don't underestimate the US oil industry" said Bob McNally, president of the Rapidan Energy consulting firm.


Technological advances in the field of drilling are seen as a key achievement of the US. Thanks to the use of technology, drilling costs have dropped dramatically. "This is changing the game for the US. This means we can be more resilient and competitive" said Ben Cook, portfolio manager at BP Capital Fund Advisors.


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