Fracking helped make the USA the world's oil king

13 Septembre, 2018, 10:16 | Auteur: Auguste Feret
  • Fracking helped make the USA the world's oil king

According to the Energy Information Administration - or EIA - U.S. oil output exceeded Russian Federation in both July and August for the first time since 1999.

Saudi Arabia has the chance to regain Asian market share after at least three North Asian refiners have asked to receive extra supplies of Saudi oil for October as they are concerned that the returning US sanctions on Iran will limit supply just as winter demand begins, Reuters reported on Tuesday, citing sources. -China trade war and the potential tariff on USA oil imports makes China's smaller independent refiners shy away from American crude, according to a monthly survey for August by S&P Global Platts.

"Although EIA does not publish crude oil production forecasts for Russia and Saudi Arabia in STEO, EIA expects that US crude oil production will continue to exceed Russian and Saudi Arabian crude oil production for the remaining months of 2018 and through 2019", adds Climate Depot.

EIA data signals the US will maintain its position as the world's largest global crude oil producer through 2019. Much of the recent growth has occurred in areas such as the Permian region in western Texas and eastern New Mexico, the Federal Offshore Gulf of Mexico, and the Bakken region in North Dakota and Montana.

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In 2014, a drop in oil prices caused US crude oil companies to trim overhead and downsize production.

The EIA expects U.S. crude production to hit 11.5 million bpd next year, with growth likely leveling off as the increase in global demand slows.

The Saudi oil is also now competitive in Asia because of strong Brent Crude prices that are used for the pricing of supply from Europe and Africa to Asia.

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