The United States has become the world’s largest producer of oil since adding shale to its energy mix, a global energy consulting company reported.
US production of oil, which includes biofuels and natural gas liquids, now exceeds 3.2 million barrels per day, just ahead of Saudi Arabia, the PIRA Energy Group said.
The jump in US output — to 3.2 million barrels a day since 2009 — is the second-largest production expansion ever over a four-year period, according to Reuters.
The US has become a net exporter of gasoline and related fuels after years of being the world’s largest fuel importer.
China overtook the US as top crude importer last month, Reuters said.
"[The US] growth rate is greater than the sum of the growth of the next nine fastest-growing countries combined and has covered most of the world’s net demand growth over the past two years," PIRA Energy Group said in an October report.
"The US position as the largest oil supplier in the world looks to be secure for many years," the report said. — (allvoices)
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This is clearly a long-term developing bullish trend. What is interesting is how the dynamics of the international energy markets change as well as how macroeconomic variables adjust.