‘US to become global leading producer of crude oil’


‘US to become global leading producer of crude oil’

The US Energy Information Administration (EIA) has said the United States will become the world`s leading producer of crude oil if the output remains the current momentum.

Based on the June Short-Term Energy Outlook (STEO), EIA forecasts US crude oil production to average 10.8 million barrels per day in 2018, up from 9.4 million barrels per day in 2017, and to average 11.8 million barrels per day in 2019, Xinhua reported. If realised, both of these forecast levels would surpass the previous record of 9.6 million barrels per day set in 1970.

EIA, in its report on Tuesday, estimated that US crude oil production averaged 10.9 million barrels per day in June, up 0.1 million barrels per day from the May level. US crude output has remained above the 10 million barrels per day mark since February.

The Organization of the Petroleum Exporting Countries (OPEC) crude oil production averaged 31.9 million barrels per day in June. Read More

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