The United States surpassed Russia in crude oil production for the first time in two decades, both in June and August 2018, new figures show.
The United States already exceeded Saudi Arabia in oil production back in February 2018, a first in more than 20 years, according to estimates from the U.S. Energy Information Administration.
The agency expects that U.S. crude oil production will continue to outdo Russian and Saudi Arabian production for the remaining months of 2018 and through 2019.
According to the US Department of State, increased U.S. energy production is “good for countries around the world looking for a reliable supply of oil and gas from free markets, and it’s a boon to the U.S economy and national security”.
Among “allies” receiving exports of U.S. crude oil are Canada, India, South Korea and Italy.
The agency estimates that average crude oil production for 2018 will reach 10.7 million barrels per day, showing strong growth over the average of 9.4 million barrels in 2017.
The immense growth is due in large part to the “American Shale Revolution.”
“President Donald Trump last year celebrated the start of a ‘new era in American energy and production’ when he announced new efforts to lift the restrictions on U.S. energy production,” the EIA said.
Despite high demand for oil domestically, the U.S. is expected to export over 1 million barrels of oil per day this year, the White House said. This is nearly double the rate in 2017.
In addition to crude oil, U.S. production of all liquid petroleum products is on the rise. The International Energy Agency estimates that by 2023, the United States will be the top producer of oil and gas globally, producing more than 17 million barrels a day.
