America Likely Surpassed Saudi Arabia To Become The #1 Oil Producer In The World
In terms of the production of all liquid types of oil, it appears as though the United States may have surpassed Saudi Arabia to become the top oil producing nation in the world.
In Saudi Arabia’s own direct communication to OPEC, the kingdom said November production was lower, at 9.49 million. The November Saudi amount was 550,000 barrels per day less than in August.
Therefore, Saudi Arabia appears to have cut back its oil production to 11.2 million barrels per day in the last week of November (in order to support a higher price for oil because of higher USA and Iraq production increases). The US increased oil (crude oil, natural gas liquids, ethanol and other liquids and refinery processing gains) production to pass Saudi Arabia in the first week of December (to 11.33 million bpd). The USA added 660,000 barrels per day since August.
11.33 million bpd for the USA and 11.2 million bpd for the Saudi Arabia swing producer. The the USA became the number one oil (all liquids) producing nation in the first week of December. Based on simple math and what Saudi Arabia announced and what the USA reported via the Energy Information Administration.
North Dakota has done its part. The state is now producing 12% of all the oil output in America, and the rate of oil production in North Dakota has doubled in just the last 16 months (though September) alone:
Thanks to fracking and other private sector innovations, the energy sector has become one of the few bright spots in America’s dreary economy.Tags: bakken, North Dakota News, oil, saudi arabia